A gentleman in my neighborhood is going to forclosure on Jan. 19, 2007. His agent contacted me. She said I could call him and strike a deal.
He owns a 3 bedroom 2000 square foot condo that was built in 2004. He worked for the builder and lost his job. He wants to break even and just be done with the house. He owes 334,000 on it. The same model sold for 350,000 up the street. What could I do with this deal if anything. One agent told me to make him a low offer and let him take the hit if any, What could I offer him realistically. Could I buy it low and then lease option or rent it back to him? If he sold the house to me hypothetically for 290 k or 300k what would happen to the money he still owes or lost? He would have to figure out something I am assuming?
Snay insight is useful