Keep in mind, I still do not have all the details, so im still trying to find out more. This just came to me yesterday.
Ok my wifes uncle is about to lose his house, and from what I know is about to go through the final stages of foreclosure. They recieved a letter stating they had until feb. 7, to answer back. All I know is my wifes uncle and kids want nothing to do with the property and just want to get rid of it.
I was told all that is left to be paid on the property is $12,000. They actually dont want nothing in return, they just want it off there hands. I never seen the property from the inside but was told it would need atleast $15,000 to $20,000 in repairs.
Now the property is located in the “bad” area of town, if thats what they consider “bad” Ive seen worst. On this past sunday i was driving around and happen to see an open house. I got off and acted like i was interested in the property, but really I just wanted to know what was the value of homes in the area. Anyway I asked the agent, and she told me that homes run anywhere from $45,000 to $65,000 maybe up to $70,000 in the so called “bad” area. Considering this is all I know, would this be a possible good deal.
I know I need to find out more information like, making sure there isnt any other liens and i also know i need to add other cost such as closing cost, interest payments, appraisal, title policy, hazard insurance.
I was thinking since they are willing to just let go of the property, I could also go to the bank and see if I would be premitted to assume the morthgage loan if I bring the payments current. Maybe I can just assign the property over to an investor.
With just this information alone, does this sound like a good deal or would i need to know more. If it is a good deal how would you work it?
By the way i live in texas about 40mins south east of houston and 15 mins north east of galveston, in a town called texas city. Thank you all in advance for your response and God bless you. ;D