Preforeclosure but numbers look tight - Posted by Mike T.
Posted by Mike T. on March 10, 1999 at 17:42:16:
A realtor I’m working with showed me a house that is going into VA foreclosure. It is listed by another agent. Here’s the numbers:
Asking price: $62.4K
Approx. balance on loan: $60K
Fix-up needed: $4500
I don’t think it’s worth getting a new loan and the owner isn’t willing to go below loan balance. It’s a divorce situation and she seems ambivalent toward the foreclosure (her ex will lose his VA benefits). Also, it looks like she’s behind in her payments ~4 months ($2000-$2500). I know this looks pretty skinny, would appreciate any ideas of how to make it work or should I move on?