Auction Just Around The Corner
I need your help folks,
First deal scenario: Auction set for 2/20/04
SFH, 4 bd, 3 ba, 1 fireplace, driveway, partially finished basement. yr. built 1980
Original price $169,000
First $167,000
Second $ 30,000
No other leins
Monthy payment $1,832
yrly taxes $2,463
Arrears $7,000 (includes atty. fees)
family is set on staying in the home (not losing possession)
small kitchen update $3,000
House is in excellent condition inside/out.
Any suggestions? I would be so greatful. My mentor is out of town and I'd really like to seal my 1st deal.
Official appraisal 10/2003 $240,000
Comps $250-$260,000
Helppppppppppppppppppppp PLEASE 
here's an idea...
Get them back out of arrears (place a Note on them for worst case scenerio...but just keep it for your safety) and then sign a lease option on the thouse for the balance of the home..., and have them sign a lease to rent it back to you (still paying the mortgage, maybe with a monthly cash flow). Then give them a time frame to purchase the house at full or slightly less then full price. If they do not come through in that time period, you should have the ability to assign your Lease Option to the highest bidder.
Time is very short now. I don't think that you're going to be able to get anything done since the aution is next friday. In most cases you would need to have something done the day before. Since Monday is a federal holiday--it's not very likely to happen for you.
I don't like the amount of equity here, leaving the owners in place, or anything else. Your best bet is to buy this at the auction if you can.
I would rather buy the property. But we are dealing with a short week.
Good Luck
lori
[addsig]