Pre Foreclosure Deal?

i have found a seller that has a balance of
balance 115
FMV 140
seller 5K cash for equity
rent comps 950
Great deal! Just how do I excute the transaction? :-x

Comments(3)

  • alegrier29th July, 2004

    First and foremost you must have a clear understanding of your exit strategy. There is much more information that is needed to really help you with your execution. Do you plan on doing a short sale? Can you pick up the property Subject To? Please provide us with this information to start with.

  • moroca29th July, 2004

    Not a SS, but subject to would be a great way to proceed.

  • alegrier29th July, 2004

    If you are going to pick it up subject to then you will want to make sure that the monthly payments and additional expenses that you will incur are worth it. If you stand to make a positive cash flow if your exit strategy is to rent it then that may work. If your plan is to do a quick sale then make sure you have a great plan to close your deal within the next 30 days. Sounds like you are just getting started in the business. If so take some time to put together your gameplan and how much of an investment it is.

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