Do These Numbers Look Right?
I have a potential deal...
Home Value = $220k
Could probably sell it to a sub-to buyer for $230k
Loan Balance = $200k
Transfer Tax = $2,000
Back Payment = $2,000
This is an expired listing that was way overpriced. The seller has already moved into another home and is now 1 month in default on this house.
Any ideas? Does it look like a deal? I was thinking of running a "John Locke" ad in the paper before actually getting the deed? Thanks.
What is the monthly and what do you think you can get per month? Numbers wise It looks like a deal but there are a few things we need to know. It does smell like you have a deal here.
Sire
I think I could only get $2,100 a month from a new buyer...because the seller's interest rate is 12%.
The monthly payments are $2,040.
Still a deal? I'm thinking I could get at least a $15,000 down payment.
What is the loan? Is it one or more? Perhaps try for a short sale with the lender in that at least one payment is already in default. It could be a great deal if there is a sizeble second,
Good luck!
bth126,
When in doubt get a 30 day option put it under additional provisions on the B O & A Agreement, get the keys to the property and run the ad.
Remember your job is to help these people, so to help them they will need to see it your way, because you can get the job done.
John $Cash$ Locke