Deed subject 2 Please help!

Foreclosures, Short Sales, Tax Foreclosures
1

:help have a seller in foreclosure willing to sign the deed over but wants compensation. here is the information:

Corner property–SFR 5 bdrm, 2 bath hi-ranch (converted lower level to apartment) It is really a 3 bedrm 2bath without permits
taxes are $7,500.00.
no repairs needed.
cesspool good .
there is a tenant on the lower level paying 1300 for 2 bedrooms.
upstairs is vacant.
mortgage payment PITY is $3067.oo per month.
the mortgage balance is $248k principal
$28k-30k in arrears totaling $276K.
Fair market $ 307,000
purchased in 2006 for $283,000
*THIS IS MY FIRST DEAL AND I NEED HELP ON HOW IT CAN BE STRUCTURED

2

First off you have a permit issue.

Then, if they didn’t pay their mortgage, you can bet they didn’t pay their taxes, so add at least $7500 to the arrears. Any other liens?

So at best 307,000 minus 290,000 equals 17,000 or 5%.

Why are you bothering?

3

Cesspool or septic? Septic, offer 185K subject to successful septic test. Well water? If so subject to test. Based on your figures, this is a loser.

4

The value is not there for you to purchase this place…

Keep looking and you will find much better deals.