Need help with Probate/ Preforeclosure deal - Posted by Monte
Posted by Monte on March 14, 2006 at 15:10:19:
Recently spoke with the owner of a home that is headed to foreclosure. Owner is $4800 in arrears. This is in. probate.
$4800 to bring current
$5000 to owner to walk (already agreed on this amount)
$21,800 out of pocket
ARV= $195k based on comps in area from local realtor
-$5.8k to realtor
This is a good deal? However, not sure how to deal with probate issue. Also, only have purchase agreement from Office Depot, which is your basic agreement. Is this good enough? Also, not sure how Porbate affects the deal? The property is in Northern California. Thanks in advance for your feedback.