Would Like Advice From A Pro
I found a man who owns a house. He is 2 years backed up in property taxes. In Chapter 13 and behind in that as well. He currently has about 27% equity in property. He will not qualify for any type of traditional financing. I think I would like to buy his property at the right price. Any Pros (meaning persons who have done this before not just read about it) have any real detailed info on how to tackle this. I am assuming that If I can arrange to relieve this guy of property he might accept an offer to cover his lien and taxes. Thanks in Advance for your good advice. <IMG SRC="images/forum/smilies/icon_smile.gif"> [ Edited by jskcnski on Date 10/07/2003 ]
How did you arrive at the 27% equity position? Make certain that you examine the bankruptcy docs to ascertain creditors.
Is there a reason why he simply doesn't list and sell (with Trustee permission)preforeclosure?
What do you intend to do with this property?