need help with possible deal - Posted by Bobby C

Posted by Nate on June 16, 2000 at 22:34:06:

I think they’re asking too much. There’s only a 10K spread between the asking price and market value. Buying and selling costs alone would eat that up.

I would wait and let pressure build up on them and see if they get more “motivated”. Right now they expect $43K for their equity. Maybe once their equity gets closer to being totally wiped out in foreclosure they will see the wisdom in accepting less cash rather than nothing.

As for how to pull off the deal, if you can get the price low enough you can always tie it up and flip it to someone else. Frankly, at $1500/mo gross rent I think you would have a hard time finding an investor to pay $150K for it.

need help with possible deal - Posted by Bobby C

Posted by Bobby C on June 16, 2000 at 18:30:13:

2 family in preforeclosure fmv 155000 160000 seller is asking 145000 it has state lien amt. 75000 back taxes amt. 27000 ea. unit rents for 750.00 taxes are 3500 my situation , i’m in contact with seller; they have no mortgage payment I CAN’T qualify for mortgage, but i have 10000 cash, could any thing be done here. all comments welcome thanks newbie bobby c