Check This Out``
I talked with an owner she told me that her other home will go under foreclosure soon!! i went buy the home and it is not that bad of conditons. At first she wanted someone to take over the payments,,,Finally she couldn't make the payments any longer. The home is in the hands of the mortgage company. but not officially foreclosed.
The house sold for $44,213 in (Mar.2000) then sold for $74,000 (Nov. 2000.) I figure the MV will still be close to $74,000. The property do need some shaping up (gutters,, carpent pulled etc...).
1)call the bank,,, then do what?
2)What will determine if a good deal?
3)Should I let go under foreclosure?
4).can any one really me on this?
I must say that the payments was around $700.00 i couldn't afford that. Have a mortgage all ready... What should i do?check this out
1) what is her payoff amount (late fees + lawyer fees + principle balance + anything else) - broken down
2) how many payments is she late
3) What is her interest rate
4) What is her PITI - broken down
5) what is the as-is market value of the house and how did you arrive at this number
6) what is the required repair amount for a retail sale
7) what is the after repair value of the house - how did you arrive at this number
8) what is the as-is wholesale to an investor value of the house
9) what is the market rent for the house
10) are there any other liens on the house
11) will she let you take it subject to
Answer these questions and then someone can help you
Ronniestrick,
What bgrossnickle posted is a vary good direction to go!
You will also need to run your profit numbers as well, but you need to first know what you plan to do with the property like sell it, wholesale it, lease it, rent it, hold it or what ever.