Posted by John Beginner on February 06, 2004 at 11:03:07:
I havn’t done this before and have not studied up on it yet. But this has fallen in my lap.
Property going into bankruptcy. Will take offer before Monday when it will be in the bankruptcy. I already have someone interested.
1st $240k plus line of credit for $95k.
Total owed $335,000.
Comps at $350k - $360k. Property is slightly neglected.
Seller is a broker and will present and push any offer given. She is very motivated. I understand I’m just negotiating a payoff of the second.
The lender of the 2nd is Wachovia.
I personnaly can get a loan for $265k. If this is a good deal, I need to fax this out today ASAP. Any help?