Posted by: Mel
05/19/2005, 16:16:44
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What shape is the home in? What are the estimated repairs needed? How much in arrears are payments and what are the penalties to bring it current? There is a tax lien on the property. Can the owners pay it? How was market value determined? Can the owners bring the payments current? If you can get this info you will need to rework the numbers and then possibly approach the lender about a short sale. Make sure you have both parties(husband & wife ) sign the letter giving permission to approach the lender. I would probably buy this as a subject to and not offer the sellers anymore than their existing loan amount. They would have to be willing to give me a quick claim deed or warranty deed up front. With a subject to contract in hand you could approach the lender to see what they might be willing to do. Then you need to tackle the tax lien.
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