SELLER WANTS TO GIVE ME THEIR DISTRESSED PROPERTY FOR FREE

[Guichard Belton]

So today I was driving for dollars and someone called me who I had marketed to. After talking about their property I found out he wanted to give me the property for free.

The property is distressed, its burnt out on the inside and probably needs to be torn down.

He also told me the foundation is good.

It seems like he "stopped payment" on the mortgage and taxes but I don't know what that means he wasn't to clear. Also he bought the property in 2004 for 150k in that condition and the value decreased to 50K in 2008 where he stopped payment.

What should I do? Should I transfer the deed to me and market to buyers at a really low price or steer clear?

[Account Closed]

Originally posted by @Guichard Belton:

So today I was driving for dollars and someone called me who I had marketed to. After talking about their property I found out he wanted to give me the property for free.

The property is distressed, its burnt out on the inside and probably needs to be torn down.

He also told me the foundation is good.

It seems like he "stopped payment" on the mortgage and taxes but I don't know what that means he wasn't to clear. Also he bought the property in 2004 for 150k in that condition and the value decreased to 50K in 2008 where he stopped payment.

What should I do? Should I transfer the deed to me and market to buyers at a really low price or steer clear?

First you have to find out if it's in foreclosure. Then you find out how much to bring the loan current. Then you find out how much in taxes and liens. Then you have to figure out how much to make the house fixed up. Then you look at how much it would sell for if it was fixed up. Then you subtract all of those costs and the cost of sale to figure out if it makes any sense to worry about it.