Posted by Marc on January 09, 2003 at 13:09:45:
Joe,
If I were to come across this deal…
I’d find out how much are they behind? Is the private second a lien against the house, or is this something that they can settle down the road? If the value is 100k, and I could keep the liens down around 70k, I have about 10 investors that would want to by it for cash (repairs also need to be figured into this). Get it under contract, or get the deed, and run an ad for investors.
Good Luck,
Marc
Need Help/Potential Deal!? - Posted by joe
Posted by joe on January 09, 2003 at 09:11:13:
Hi
I came across a property that has received a notice of default but not notice of foreclosure (I live in Judicial State).
It is worth 100K, first at 62K, private second at 19K (older lady who i am sure would cash out at a discount).No liens have been found as of yet.
The owners are looking into refinancing to save the house, but if they can’t I am going to offer the options of come up with the money to save it, lose it to the bank, or deed it to an investor.
Any suggestions on how to find an investor who deals with this or what I could do if they can’t save the house?
I live in SW Ohio area!
Thanks
Joe