Asbestos Ceilings, Preforeclosure And Willing Seller...
I have a willing seller in bankruptcy who will sign a deal for any amount if she gets released from debt. 3% asbestos ceiling texture throughout house, w/ radiant heat embedded. Ceilings must be replaced as they are too heavy and living room already fell down and was repaired. Seller will be foreclosed 3/25
House value: 160k
Abatement est: $30k-50k
New roof needed: $5k
Countrywide Mtg: 143k + 17k back payments due
Back taxes: $2k
What should I write offer for? 75k?
Can I find any lender who would touch this?
Seller wants to stay in house and rent month-to-month.
What would my liabity be if I purchased via Land Trust operated via LLC?
Any ideas or leads appreciated! This is in Portland, OR
Good day to you,
It doesn't sound too good to me. It's doubtful if you will get the bank to discount 50%, but try if you want. 2nd, I would not rent back to this person. If they cant make the pmts to the bank, how do they expect to make the rent pmts to you? Good luck on this one.
Tom