out of state owner

General Real Estate Investing
1

hi all;
i received a call from the owner concerning a local property i mailed a postcard to. the owner (lives in another state) would like for me to simply take over the payments, no money to him. here is my question.

when i mailed the postcard to him, there was no realtor sign in the yard. between the time i mailed the postcard and the time he called me (about 10 days) a realtor sign has popped up in the yard. however he still wants me to take over the payments. how do i handle this since he has it listed. it is a decent property that is rented.

i would like to get it under contract as i have started researching the property.

any imput is greatly appreciated as he is needing to move this property very quickly.
:biggrin

2

It sounds like the owner listed his property just before he got your card and called you.

If you buy the property directly from the owner, the owner will still have to pay the agent a sales commission, unless the listing agreement has listed you as an excepted buyer.

If you buy the property, you will have to honor the existing lease. You will inherit the tenant.

3

What kind of problem does the property have besides an outrageous mortgage payment each month?