Posted by Jim IL on October 01, 1999 at 23:04:21:
nt
Closed on #3 today - Posted by WilliamGA
Posted by WilliamGA on October 01, 1999 at 22:47:36:
Hi all!
Closed on my third today at 11am. It was a response to a foreclosure postcard I mailed out last month. (Thanks again DavidS) Seller had built another house 2 yrs ago and had allowed his brother to move into this one. Seems the brother wasn’t making the payments and had let them get several months behind. Once foreclosure started, seller didn’t have the cash to catch up and just wanted to get out from under it. Sooooooooooo… $2700.00 to bring the mortgage current and I am in. Payments are 294.00 per month and I already have callers wanting to rent for 550.00 per month. Nice 3/1 with LR/den, and large wired workshop in back. It is a privately held mortgage with a balance of 34k on a house that will easily sell for 55k.
I actually had second thoughts about this one because I didn’t want to put my own cash in so I told the guy, "You know I am going to have to come up with all this cash to bring it current so I tell you what. I will buy it if you will paint the entire exterior, Replace one of the doors that is in poor shape, replace this broken moulding on the door, ect. He did it all!! I couldn’t believe it! Apparently this guy is barely making it with his large new house payment and truck payment and all. Guess he is scared to have to go into debt to for 2700.00 to save that 20k in equity. I sure was glad to help him out.
Sorry so long, I just had to tell everyone about this one and thank everyone who has given me so much advice.
Thanks again!!
WilliamGA