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Updated about 8 years ago,

User Stats

23
Posts
2
Votes
Dustin Barr
  • Real Estate Investor
  • Albert Lea, MN
2
Votes |
23
Posts

Advise on buying this house

Dustin Barr
  • Real Estate Investor
  • Albert Lea, MN
Posted

I found a home in my neighborhood that is vacant. I found the seller and have been talking with him. He has moved out of state and is getting a divorce. I would guess its close to the foreclosure state. He says he will sell the home for what he owes on it 98,000. He claims its in good condition with newer roof decking and siding. Claims it needs just a good cleaning. I'm obviously going to look at it first but I'm unsure how to continue.

He says the bank maybe willing to negotiate a lower price. I would buy the house for $70,000ish based on what I know now.

Should I deal with the bank? The seller? What can I do to help him? I doubt he can sell for $70 if he owes $98. I've never dealt with buying private. All my deals have come from the MLS.

Just searching for some ideas. I am able to get my own financing from my bank, with a 30% down payment. 

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