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Updated over 7 years ago, 08/02/2017
How would you handle this project?
I recently contacted a home owner in pre-foreclosure. They are interested in selling. The property is off market. They owe the bank 194k for a home built in 2012. The home was deeded to them, and they are wanting out. The tax appraisal is 233k and has increased by about 8k every year since being built. The comps in the area are similarly priced. Interest rate is 3.5 and they said the mortgage is 1600 including PITI. They were open to subject to, I was wondering if this is the best strategy, or if anyone had any other suggestions? Rentals in the area show a negative cash flow for 1600 a month.
Not sure if this is too much info for this forum. If there is a better place for this type of inquiry, please let me know.