Posted by: Matt B ®
02/17/2005, 18:17:56
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Well, I see a couple of problems with this. VERY first and foremost, he does NOT know if he has days or weeks??? This usually tells me that someone has been in denial, ignoring notice after notice. They finally call after realizing that they may be out on the street in a day or 2! Secondly, you should NEVER EVER buy a property like this and try to sell it back to the seller who got themselves into this trouble in the first place!!!! This is an excellent way to make them AND their problems YOUR problem. DON'T do it! I would absolutely pass on this one, especially if it is your first deal. I, as a seasonsed investor would QUICKLY do my homework, contacting the lender, their lawyer, etc., to see if I had enough time to do anything. However, I would absolutely insist that the seller move out before I get involved and would absolutely NOT try to sell the house back to him. That's my take. Matt Bowman
Related link: www.REItoolbox.com
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