Possible Deal
Seller has two properties of which one is going to foreclosure on 3/1/05. The other is a rental property that he wants to sell ASAP. Monthly rent is $900 - mortgage payment of $750 is current. (Tenants want to stay). Mortgage balance is approx. $101,000 and neighborhood comps are 115000-120000. Seller only wants walking money 2000-4000.
How can I make this work?
hello new joiner,
caution! i am also new & have not done any deals myself but from my reading and research the first i would do is assess the property to see how much damage. i know there are tenants currently there but you should still check it out 4 yourself. If the inspection is favorable you could offer to take over the payments & give him His walking money. he could sign the deed over to you. oh yeah & check to see if he has any liens on the property