Pre-Foreclosure - Posted by Sophmore Investor
Posted by Sophmore Investor on October 17, 2003 at 10:47:30:
It’s been a while since I’ve had a chance to talk with you. Since we last talked, I’ve have graduated up to six rental properties. However, I have run across an interesting situation. A friend of mine ran across an individual that will be losing their home to foreclosure the first week of November. The owner has the pay the sum of about $25K to the attorney’s or lose the home. I am pondering what options to use. Should I look at A) Buying the property and leasing to owner, B) Buy property and give tenant small sum of money ($5K), or C) Flip property to another investor. The owner desperately wants to keep the home but the owner is already 8mos behind and has a history of being late. I’m not sure what options are available for them to keep the home. I would appreciate ALL comments and feedback no matter how frank and direct. Thanks.