The couple that I’m dealing with bought a house in the year 1999. They have since split up, and our in the process of a divorce. There house is set for foreclosure on the 2nd of December. During the split up time between him and his wife they got renters for the property which are currently paying ($1200.00) a month on the house. Well for the last 6 months the man has been keeping the monthly payments for himself to help pay for his moving expenses. Which has currently put the house up for foreclosure auction. The 1st mortgage on the house was for ($106,000.00) and was an FHA loan. He currently owes ($111,000.00) the house will sale for ($120,000.00). Oh I’ve let somthing out the renters have lived there going on 3 years so they are very comfortable and are interested in buying the property. My question is to you do I need to a contract for deed with the owners so that “I” can sale it to the renters? I need some help please. Help me how to go about it. Thanks
porta,
I would need more information before I could offer a fair opinion on this being a good deal.
Based on the information I do have, I would say pass. No equity deals stink, no matter what some GURUs might tell you.
You make your money when you buy. Learn it, believe it, live it.