Posted by Eddie on August 01, 2003 at 11:40:43:
Hi, Investors I e-mailing you regarding a deal on a home. I was wondering if you could give me some insight to see if this is worth while. The home is a 4bd 3ba with pool and located in a good area. The seller has an ad in the paper for 235,000 and no qualifying. I called on it and the seller informed that the house was an N.O.D that he got from a bank, and if I could give him 50,000 and take over the payments. The house has an existing balance of 168,000 and needs additional 19,100 to bring it current. I got off the phone with him and he called back an said that he would be willing to take 30,000 with an additional 19,100 to still bring it current. Let me know if I am thinking correctly here. Is it possible to get a loan for 49,100 buy the property and bring it current take over payments, and then refinance the existing loans for the total amount and still have equity?