Really Need Help And Advice On This One..
Okay, here's what I've got. I have people who said they will
"transfer title & deed ownership for $5k cash, you assume mortgage and note, property currently in forclosure"
They also have a price set of $55,000 for this property...does this all make sense? If so, can someone explain if it is a good deal or not...I am confused.
The property is worth about $120,000 FMV, is a duplex with 8 rooms and 4 bdrms.
Thanks
The home owners want $5,000 cash to sell the house to you. Then, you take over the mortgage and the note.
I'd go to the courthouse to find out how many liens are against the property and for how much.
While at the courthouse find out where the foreclosure notices are posted or in which newspaper they are listed. Find the notice so you can get in contact with the mortgage company (or lawyer, trustee, title company, not sure which Ohio uses) to verify this information. Also ask how much it is to "reinstate" the mortgage.
The Price set at $55,000 throws me off.
DO NOT give these people $5,000 until you do full research on this property!
Hope This Helps!
Mrs. Meltzer