Need help structuring deal....Questions from Newbie - Posted by Mary

Posted by Mary on March 01, 2000 at 12:20:14:

I was looking in the newspaper at the redemption notifications that ned to be redeemed by Mar 31. I ran across one that has a house of 180000 and the redemption was for 4500 and 1200. (Two lots for state tax purposes). When I was at the court house I ran a quick lien search and found that the Mtg was 169000. The people have had some business problems and his co. has several state tax liens against it. The people can’t redeem. The bank doesn’t want to throw good maney after bad. I was thinking of offering the couple 1500 if I could work something out. I would then offer the bank 20-40 cents on the dollar to lat me buy the house. Question is Will the bank go for it? (They are about to lose all interest if it doesn’t get redeemed) and am I responsible for the Tax liens placed on the guys co. (He is a Dr so the corp has his last name in it) Thanks for all the help. Would love to make something happen here