Help! Lease Purchase Advice Wanted
Hi! I NEED ADVICE. Here is the scenario! Property owner is about to be foreclosed on, property is valued at 77K (County's Appraisal) Mortgagee owes 65K on mortgage, 65K is the amount that I will be contracting. The mortgage is 719.00. I am not sure whether to flip the property to another investor and cash out or construct a “sandwich” deal with seller financing. Where would I be able to find fair market for a three bedroom house in Dallas? Just for an overview on the home, it’s a 3 bedroom frame home, built in the 1950’s and about 1200 SF. Should I cash out and run, or lease/option rent? Help!!!!
Call a title company or a realtor and they should be able to get you comps and help determine the FMV.
Do you know the amount of back payments that are due? Is that in addition to the $65K? and who is paying to bring the loan current?
He is four months behind, so 2,876 is needed to bring the loan current, he is giving me permission to access his records and discuss the loan with the bank. Because the loan is FHA I am going to check to see if I can have the payments owed placed at the end of the loan. Generally with FHA loans they will work with you. The idea is to take the option money (5% of FMV) from the tenant buyer if the bank won’t work with me.