Possible deal?? What do you think?

[Joe Butcher]

I know a guy who is behind on his mortgage and is going to let the house go back to the bank.

I would like to make him some kind of offer. It may be too soon to ask this because I dont have all the details yet, but I would like to hear your thoughts.

First off, I know the house has some foundation issues though I dont know to what extent. There was also termite damage that from what I know of was not dealt with professionally. He has been in the property for about 10 years so I would imagine there is some equity there.

Can I offer less than what is owed on the property? Why would a seller agree to that? Is that even possible?

Could I pursue a sub to ? Take over the financing and rent it out? Would I be looking to give him any cash in order to do that?

Other options?

Thanks again, BP community!