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Updated over 8 years ago,
Advice on Potential Deal
I am still very new in REI and not sure how to proceed on this deal. I was approached about a house that was recently inherited and no payments have been made and it is vacant. The bank told them they have 90 days to sell or they will foreclose.
Here's the question, they are fine losing the house. I would like to see if I could possibly pay them a small amount and have him sign the house over to me and just take over the payments and flip it.
He owes $90k. The house was appraised at $140k in current condition. He is at least 90 days behind on the payment. How would I do all this legally? I'm assuming I should have a Real Estate Attorney involved.
Thanks for any advice,
Derek