Perhaps a charity case... - Posted by Steve (MD)


#1

Posted by MaryEllen on February 22, 1999 at 03:13:53:

It sounds like the owners are living in the property. How long will it take to get them out? How much will it cost and how long will it take to clean up.

With lease/option the property needs to be in tip top condition and preferably vacant.

Can this property be lease/optioned for more than market rents and enough to cover the house payment?

Have you taken any lease/option courses? Do you have the proper paperwork?


#2

Perhaps a charity caseā€¦ - Posted by Steve (MD)

Posted by Steve (MD) on February 21, 1999 at 21:58:22:

Here is the deal: Owner short of cash wants out. Not enough income to continue payments. Payments are on time up until Feb.

FMV = 115K
Current loan = 105K

House needs cleaning but structure and systems are in good shape. Owner needs out and will settle for current loan value.

Do you see an opportunity here??? I think a list/option may apply? Any comments?