OfflineI came across a duplex for sale on craigslist; owner is asking $12,500 it's in preforeclosure. One side is rented out for $700 by tenant (HCV) and other side is vacant. I went & checked out Property assessor's website; make sure she is the owner & she is but apparently she paid $230,000 for this duplex back in '06. She insists in her ad there are no fees or upside down cost. Is this even a deal or does it seem like the owner is trying to make a steal off of unsuspecting buyer who happens to just come along? How such I approach this deal if I can make it happen?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
If the home is in pre-foreclosure then it looks like she is going to lose the house. So what she is trying to do is get someone to take it over, so her credit won't be ruined and she can take her losses, make a few grand and walk away. There is money owed on the house tho, and payments not made, therefor you would be taking over payments and most likely there are thousands and thousands owed and a huge mortgage to take on.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
If you really want to see if this is something you would like to do, to a title search and find out how much is owed and left on the mortgage, be careful, there can be more than one mortgage on it as well, so go with a title company to check everything out.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
That is what's making me hesitant on this property. I had emailed her last night but she hasn't email me back answering any of my questions. Many of these people who brought at the height of market, the properties in those neighborhoods aren't worth mortgage amt that they originally took out on the property. Also know I would not be able to qualify even in two years to refinance for amt that's due on property. I'm gonna go do a title search and find out exactly what it is she owes and any other liens and than approach (call) her about touring it and presenting an offer.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Do the title search and then let us know what happens, if there are any liens, what is left on the mortgage, how far behind is she, etc. Then you will see if this can be a possible deal or not. Keep us posted.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen