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Can this be a deal? - Posted by pamnar
Posted by pamnar on February 13, 2005 at 23:13:37:
My mom’s next door neighbor is ready to walk away from her home due to problems that existed when she bought it (June, 2002). The guy she bought it from promised repairs that he didn’t do or half did. Anyway, the house needs some work - wood fence is leaning, mold in basement (Kansas City, MO had a very bad mold problem this winter - my mom’s house has it, too), C/A needs some work, garbage disposal doesn’t work. Mostly minor things. She bought the house at 62K with the 80/20 program. The 1st mortgage is a Fannie Mae for 49,600 @ 7%. The 2nd mortgage is with a local affordable housing coalition for 12400 at 0% for 10 years. The house is worth approx. 60k. So, there may be 5k equity (not much, I know). She’s not behind any payments, she’s just fed up. The owner has packed her bags and is going to abandon the house - she is looking for a rental. Is there a deal in here somewhere? I haven’t done any ‘creative’ deals - just the run of the mill, buy, repair, and rent. I thought I would check with you guys to see if I could help her out at all.
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Re: Can this be a deal? - Posted by Sean
Posted by Sean on February 14, 2005 at 13:03:22:
Agreed, ALMOST anytime you can get the deed to a house take it. Seems to me if the mortgage payments aren’t out of line with the rent payments for a house of this type… get the deed, and then market it to people who can’t qualify at a bank and sell it for a premium.
Of course if she’s way behind on payments, they have to be made up somehow or its foreclosure town anyway.
Re: Can this be a deal? - Posted by huff102
Posted by huff102 on February 14, 2005 at 06:47:55:
Becarefull on the mold and how much repair you have to do. Somtimes mold can be bleached or you may have to cut it out. I have seen mold problems run into thousands of dollars. Check with city inspector what codes are for the city and state. Good Luck
Re: Can this be a deal? - Posted by David (Los Angeles)
Posted by David (Los Angeles) on February 14, 2005 at 06:46:28:
I’d take it “subject to”, and find a tenant buyer who is willing to fix the minor problems as part of his lease option agreement.