Re: Very Green with Potential Deal… HELP… - Posted by Matt B
Posted by Matt B on July 27, 2001 at 17:52:04:
It looks like you need some more details here. First of all, you are asking us about the payments. We don’t know that. The seller does. Ask them how much the payments are on the house that they want you to take over.
As far as a “bid” being an offer, I would assume that is what they are looking for in this case. They want an offer from you, especially since they told you that you are the only one that has shown any interest in the house.
If all they want is closing costs and back taxes, how would they be offering the place for $59,900 “or best offer”? I would think that all you need to know is how much is owed on the house, the amount of back taxes, (which you know already) and what closing costs are going to cost. I am assuming that they have a qualifying assumable loan that they want you to qualify for to take over. I wouldn’t do that personally, but it may work for you.
A lease option may work for this, but not if you have to come up with $4,800 immediately. You would probably not be able to collect a deposit that high from a tenant/buyer for that price range of house. This could be a flip candidate if you get it under contract and find a buyer for it.
You need more details from the seller to figure out what you can do here. Go talk to them and tell us what they say. You need to know how much is owed, what the payments are, what they mean by you taking over the payments, etc.