Is There A Solution Here Or Should I Move On?
Young lady just called me whom is in foreclosure. The home is a brand new property and has no equity in it. She has an 8K lein on the property from the IRS and is two payments behind on her mortgage? WHAT WOULD YOU GUYS DO IN THIS SITUATION?
Would you get option money upfront to cure the lien? Make payments on the lien? or RUN? I am new to the lease/option technique and would like to obtain a few properties this way.
Do you intend to buy and flip or do you intend to buy and hold? Is the market area the home is in appreciating and at what rate?
Dave
[addsig]
I intend to secure the home with a lease/option contract and find a tenant buyer. The area is having major appreciation. The home has appreciated by about 20K in the last two years or so which is significant here down south.
If you intend to put a tenant buyer in the property, let's say, on a two year term and you collect an option consideration of enough that it takes care of the late payments and lien and your option price reflects the appreciation the property will experience in those two years you may be on the right track. Run the numbers and then decide what to do. Good Luck.
Dave
[addsig]
Thanks Dave
This looks like a job for Short Sale Man!