Contract to owner in foreclosure - Posted by Nick A.

Real Estate Investing Real Estate Law
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Posted by Bronchick on July 06, 2004 at 12:04:30:

Yes, make the purchase price the loan balance + 15k + the amt you are paying to bring it current. This will bring your tax basis in the property up, thereby minimizing gains when selling. The contract can state that the $7k will go directly to the lender to bring the loan current.

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Contract to owner in foreclosure - Posted by Nick A.

Posted by Nick A. on July 05, 2004 at 23:17:01:

I have a case where an owner is in foreclosure and I want bring the loan current and buy the house from him subject to the existing mortgage but the owner wants about $15k and I am willing to pay it since the home has lots of equity. But how best to put that in the contract that I will take it subject to AND pay him $15k AND somehow state that I payed the $7k to bring the loan current? I want to make sure everything is spelled out for CYA of course or am I over analyzing this??

Thanks for the help!