Need Help…Can I make a deal out of this? - Posted by JeneanNC
Posted by JeneanNC on January 14, 2000 at 08:58:39:
I was contacted by a seller of a SFH with a FMV of $120,000 to $125,000. She and her husband owe $75,000 on the home purchased seven years ago at a undesirable interest rate. The house is in good repair. Need Paint and carpet cleaned. They are two months going into three months behind on the mortgage. The mortgage is $1400 a month, however the rental rate in this area is $1000 a month for a top rental. This is slightly below a top rental, maybe $900 a month. They plan to file bankruptcy. This will be their second time. They seem motivated, however need cash to move out. They want to find a lease/option SFH to move into with the cash.
What kind of offer can I make on this? Not much time because the bank is planning to foreclose. I don’t have any cash of my own? Is this an opportunity or not? I would appreciate any help with this one. A newbie looking to make a deal… or not.