Should I?
I live in Miami and I have the oppurtunity to invest in a personal home. I know a woman who has missed a few payments on her mortgage and her bank is allowing her to do a short sale. The comps in the area are between 350-420K. She only has 250 left on her mortgage and I am going to offer 200k to the bank. The roof needs about 15K in work, the taxes are about 3800, and i was approved for an FHA loan for 30 years @ 5.85%. I dont know if anyone lives here in Miami but there are homes being foreclosed on everywhere and the deals are abundant. Does this deal sounds feasible??