Do I Have A Deal

4 Replies

As with most deals the clock is ticking on this one. Bottom line up front I'm hoping to prevent a service member from going into foreclosure but the numbers don't look very good. The property is currently in active foreclosure, and the reinstatement balance before the bank can consider doing an assumption (both of us are service members) the reinstatement balance is 6K,  so here goes the numbers.

Balance on Property: 88K

Home Value: 98K

Possible Equity: 9K

Market Rent: 800-850

 Other Fees To bring Account Current: 3200

Potential Cash Flow: 104

I have the home under contract, is their any life in this deal that my eyes are not seeing?

@Lear R. , are you also the type to lend $1000's of dollars to addicted gambler friends of yours on their promise to you that they will pay it back next month?...

What I am trying to say is: if the numbers work for ANYBODY, they should be working for the service member! Why is it in active foreclosure?

Sorry to sound so harsh. Thank you both for your service. All the best...

This may become a good news story. As it turns out the service member was completely overwhelmed by a series of incidents, and had no place to turn. To date we have found several organizations that are vigorously helping. Long story short once these organizations get the property out of foreclosure, we will step in a purchase it we are working a win/win/win/ (no foreclosure for the service member/no foreclosure for the bank/we obtain a cash-flowing property). I will certainly share the story once it meets that criteria.

Originally posted by @Lear R. :

As with most deals the clock is ticking on this one. Bottom line up front I'm hoping to prevent a service member from going into foreclosure but the numbers don't look very good. The property is currently in active foreclosure, and the reinstatement balance before the bank can consider doing an assumption (both of us are service members) the reinstatement balance is 6K,  so here goes the numbers.

Balance on Property: 88K

Home Value: 98K

Possible Equity: 9K

Market Rent: 800-850

 Other Fees To bring Account Current: 3200

Potential Cash Flow: 104

I have the home under contract, is their any life in this deal that my eyes are not seeing?

If I read this right it sounds like you are thinking about buying a property for 91,000 that rents for 800/mo

To me that does not sound like a good deal.