Need Opinion On First Deal?
I recently was given the keys to a friends home who is four months behind in payments. here is my dillema the home was listed with a realtor and his time has www.expired.the house was listed for 82,000 and the payoff is56,000 the payments are $900 amonth which is about 250 dollars more than the going rate of rent in the area due to my friends negoition with country mortgage to catch up on payments. how can I make money on this deal please help? should i catch up the payments and sell it on a rent to own or short sale it? the property is in good condition and needs about 3000, dollars worth of cosmetic work is their a deal in here some how? piti is include in the payment. :-?
What is the FMV?
Why not lower the proce from 82K and try to sell it?
What about refi in your name.
900/mo is way expensive.
Once again, CJ seems to be right on the money!
The options I see are to bring in a new loan in your name, provided you have good credit, or talk to the bank about a short sale. Good Luck.
Dave
[addsig]
I believe OH is judicial foreclosure state and takes a long time to go to sale. If this is the case then just sell the property. I doubt if you will get a short sale.
First, find out how long it takes to go to sale in OH.
thanks for responding deal maker and cj my credit is not good so i cant refi can I asign the deal to some one with good credit and how much should i asign for?I want tomake something on this deal cj you said sell it thats a good idea for how much and how much should i look to make? :-?
If I can just sign a couple of papers and not expose myself to any real liability...
a couple grand would make me happy. Not get rich money, but a REALLY nice vacation.