Whats Fair?

I have located a pre-forclosure. Bank is asking for 91k, house could be sold for 250k. how much should I give back to the owner?

Comments(3)

  • EPINVESTOR22nd July, 2003

    Have you spoken to the owner yet? Does it require any rehab? Get a feel for what the owner needs and work off of that, they may just ask for Greyhound money, or want to split the existing equity with you. Just know what you're willing to pay going in. Obviously, you don't want to insult the owner with over 150K equity, but let them know that you are serious and the price is negotiable There's plenty of equity in that property to play with! I wish I had your problem! <IMG SRC="images/forum/smilies/icon_biggrin.gif">

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    Everyone experiences misfortune in their life...your choice is to fail because of them, or succeed in spite of them![ Edited by EPINVESTOR on Date 07/22/2003 ]

  • rottzilla22nd July, 2003

    How is an owner with $150k in equity not selling it on his own? Are you sure of the value? No structural problems, impending highway, etc?

  • noblephi23rd July, 2003

    we are goiong to sell, after the s/s. The house need a lot of work but the value is in the land and will be sold as a teardown.

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