Posted by Jim_NC on December 12, 1998 at 20:43:31:
The first thing I would find out about is why they are willing to sell the house so cheap. Are they desparate and just want out from under the payments? Or is the house really worth $210k? I would be leary of someone willing to sell their house for $58,000 below FMV. The second thing would be to check out the comp. rent in the area. Will you be able to rent the house for $1500 + ? I don’t know what area you are in but in our area all the rental homes are listed in the paper by area. If yours our then you could check and see what homes rent for in the area the house is in. I would also get a real estate attorney to help you with the deal. He/She will be able to tell you what to do to tie the deal up correctly in your state to protect yourself.