Posted by Art Montano on March 24, 1999 at 10:30:24:
I forgot to mention that she will L/O. Thanks, Art
Problem!! FIRST DEAL. SHOULD I ??? - Posted by Art Montano
Posted by Art Montano on March 24, 1999 at 10:26:42:
Found a $125,000 3 21/2 in town. Seller called, said she was in foreclosure. Bank wants 7000 before end of month (this includes attorney fees). Seller has VA Assu. NONqualify. Seller just wants to walk but save credit. Amount owed is approx 79,000 with a 12,000 personal note. Payments 767mo and 2000 per year for note. I belive she still has 17 yrs on a 30 mort. This is PITI. House is 2200 sq. ft. w/inground pool. Pool has crack and pumps are shot but house in good condition. 2car garage was converted into large family room.
Any ideas on how I can make this work or should I skip it? Thanks, Art
Why not?? - Posted by Mark (SDCA)
Posted by Mark (SDCA) on March 24, 1999 at 10:41:30:
What am I missing? It sounds like you are getting a 125K house for 91K plus pool repairs (plus the 7K??). Still, that would be 25K in equity if your FMV is accurate. Just assume the 1st. Here are some questions.
Wwould you have to buy out the personal note? What is the term? You might be able to get an even better deal. Buy it out at a discount.
What could you rent or LO the house for?? Do you plan on keeping it or flipping it?
Cheers,
Mark