Hey everyone,
I found a house going to auction in a week, and the lawyer posted the starting bid early around 50K. The assessed value is 120K. I drove by and noticed it would already need a new roof and exterior paint. This house is was built in '77, so it might need to be checked for lead based paint, too just for starters. I contacted a realtor to see if she can get me inside and am waiting for her response.
I'm trying to find enough interested parties who would want to go in on this, but I don't think I can do that in 1 week. Instead, I was thinking I could assume the loan, and save this guy's credit. I checked register of deeds, and he bought the house for 102K in 2007, and had another loan for 13K from a different bank. All in all, he was 115K in. Paying that down for 8 years I can guess he's close to having 100K owed still on the amortization table.
Any suggestions, or links to information on how to approach this one? I might have to walk away, but not just yet.
Thank you for your response.
