Posted by Rick(CA) on February 23, 2001 at 17:54:42:
You can do a lease option on a home where the amount owed is the same as the comps. The fact that you might have one under comps is even better for you! You make your money going into the deal and going out of the deal. Try to get it under contract for what they owe and then lease option it for about 3-6% more than current comps if you think the area is growing. Also, get about a 3-5% non-refundable option fee.
Get it under contract.