i have a homeowner that is past due with and in preforeclosure total to pay in full right now is 106,000 comps in the area are showing 120-130 she just wants out signing the deed over just to get out of it would be easly acceptable to her as she lives in another state now its vacant…it is a newer home only thing needed is carpet house is 6 years old…my question is there some way maybe using a private invest to bring current and then bring in a rent to own tenant buyer would you do this or do know of better way to structure it…it is in saught after area has lake access rights
This could be a deal if the interest rate is low and if the seller is not too far in default. What is the total to cure the default? Are there attorney fees and appraisal fees added to the amount due?
I figure about $10K to cure and carpet and possibly paint the place. As always I am low I am sure. If you can get a quick tenant/buyer to put up the cash you will not need an investor. Sounds like you can get the deed easily but probably need the cast to cure first. You may be able to get it under contract and then find a t/b but you will have to act very fast.
To make the deal easier you may want to look for a partner to put up the money that would be willing to keep about 50% of it in the deal and get $5K from a t/b as a down payment
yes that includes appraisel and attorney fees its total cure at 106,000 unpaid principal balance is 92,203.80 then paying escrow and interest at 7.75% and all the other stuiff it brings it to 106,000 so figure 10,000 for the repairs then - 5,000 for the option from the tenant buyer and if i brought in a investor they would still have about 9,000 in the deal basically it would be a cash flow and back end profite deal correct???