FAIR MARKET VALUE OF FORECLOSURE
If I am buying a foreclosure from a homeowner and we agree on a specific price well below fair market value is there any legal issues involved? Example: house worth 300k, buyer seller agree on 150k the balance of the current mortgage. thanks any input would be greatly appreciated.
Comments(0)
There is no law governing the FMV of a pre-foreclosure.
On the contrary, there is a Golden Rule in Investing that says that your profit is made when buying.
Stick to that rule and be honest in your dealings, and you'll do very well.
Happy investing.
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Yes there are some rules.
In California, you must wait 5 days before
you give someone cash for keys.
Find out what the rules are in your State to prevent from any recourse.
Best Riches,
Jeff Adam
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