Need Help With Possible Foreclosure Deal
I was wondering if this was a goo deal for a foreclosure in So Cal.
HOUSE VALUE 195K
Owner owes 80K on 1st (No other Liens)
Owner needs 15K to cure loan
Misc. Expen. 30K for closing costs etc.
Give owner 60K cash at closing
Profit to me 10K
I know that it is alot of money to give the owner but in this sellers market I am thinking that any deal right now is better than no deal. Any suggestions? Thanks.
i would say, negotiate a smaller amount of cash to the owner to increase your profit, if it can't be done, by a used hot tub ($500), put it in the back yard and increase the sales price by $2k-3k more.
hint: women love the hot tub and they usually make the final decision when buying property... and they don't care if the house is overpriced by a couple thousand if it comes with a hot tub... unless of course they invest too.
[addsig]