Need A Little Help W. This Deal
i have a friend of the family who has a home that is in the preforclosure stage. he has a condo and a apartment that he also is paying on, so would rather part w/ the home instead of the other 2 properties. he is willing to sell that home to me. the remaining mortgage is $112K, he is just looking to break even, so he will sell it to me for $112K. the seller is willing to bring all payments current upon selling the house. He just wants out of the home. It is worth $135K. I plan on flipping the property.
what is the best way for me to get the home with the lease amount of money to put down( if none at all!)?
I am open to any suggestions!
Quote: the seller is willing to bring all payments current upon selling the house.
Not sure what this means. If he is not too far behind on his payments, you can bring his loan current and then make his mortgage payment until you sell the house.
If the numbers are right, then you should make about 7000 on the deal. So your numbers better be right. I am assuming 3% selling costs, 6% realtor commission, 3 months of holding costs, and he most likely will owe back taxes of at least $1500.
So, make sure he only owes 112k (get a payoff statement from the bank or lawyer), make sure the house can sell for $135k ASIS (get a realtor involved). Find out what else is owed on the property (get a title search)
Brenda