Possible 1st Deal.....Need Guidance!!! - Posted by Octavia-IL

Posted by terry on July 23, 2003 at 23:44:41:

e me your phone number and i will see if i can help.
also a good time to call.(i am in eastern time zone)
night time after 9 is best for me.

Possible 1st Deal…Need Guidance!!! - Posted by Octavia-IL

Posted by Octavia-IL on July 23, 2003 at 05:55:26:

I have a friend whose property just went into foreclosure
she is 2-3 months past due $2200-$3300.

property bal: approx 64K
appraised val: $95K
she needs $20K to get out of a whole.

she has been trying to sell the property to her dad, but the title had a mix up. the title was still in her deceased grandmothers name, it was never changed when she took over. Now that has been straighted out, the lawyer has ordered the new title but has not received it as of yet. The corrected title was ordered approx 3wks ago.

If I was to pay her past due amount and get the financing for the appraised value, to allow her the 20k she needs that would leave me $11K. This is a family building and she wants to keep it in the family. Seeing as though her father was approved for the $95K, if I chose to sell it to him in 1 month, or sold it back to my friend in 6mons to 1y, would this deal be possible. I advs her If I can do this deal, and I have to keep it for 6mos to 1 yr I would have to get paying tenants in there to cover the mortgage.

Please help me I see potential for making a profit.
Of course I need to get financing myself first.