Posted by Claude on February 03, 2003 at 24:58:30:
Im in Sacramento, CA. Here are the details.
1st deed of trust 66k
2nd deed of trust 11k
mortgage hasn’t been paid since Oct '02. Arrears close to 4k
Comps in area 145k-160k
Son of deceased owner is the executor. He and siblings just want out, but would like about 10k walking money if possible.
1st thought is to get under contract with a l/o.
option consideration would be 5k inclusive of the 4k to settle the arrears. Monthly payments to cover the mortgage no rent credit and a term of 12 months. Also, would require the right for me to take possesion of the home and the right to excercise my option anytime during the 12 month lease. I would then immediately begin marketing the property as a handyman special at a reduced price of 120k.
Is this a sound plan? Any other suggestions?
Thanks in advance for taking the time to respond.