Help, Possible 175K Equity On Deal !
I have obtained a copy of a trustee sale coming up in March 05. Principal balance is $13K plus fees, interest, etc. Market price is $200K
How can I tell which lien this is? If I buy this would I just be in it this amount or would there be other liens I might be responsible for?
Would it be possible/feasible to approach the home owner now and try to buy before the sale?
This just sounds too good to be true - is it? thanks!
Not too good to be true. It happens all the time, however, I'm sure the owner of the property knows how much equity he has.......and yes, you can approach him about selling you this property. Be advised that if it goes to sale, other investors will be all over this deal. I would get the deed from the owner, call the bank and offer a buy-out......essentially paying off the lien. You can reseach other liens at the county courthouse and find out which (if any) are subordinate, or supercede this lien. (or just do a title search) This is VERY important as you will also have to account for and satisfy these other liens. Sounds like a great deal.....do what it takes to get it completed.