hello everyone i need a little help in figuring out what i should do next in this pre-foreclosure deal that has came to me.well first off the way this deal came to me was i went to my local sheriffs dept and picked a list of the foreclosures, i mailed them all a letter stating how i can help them and etc.well one of them actually called my number and left a message, so after two days had passed (yah i know i was nervous and etc) i had called the homeowner who left the message.so i started speaking with the homeowner and started building rapport and etc. well anyway the homeowner was very upset and told me from the start that he doesn't want to lose his house (he has four kids), he told me he had got a mortgage on the house for $180,000 and now he has it paid down to $90,000 (so there is alot of equity there), the property is also in perfect condition, he also told me that he had fell on hard times because he works in the construction business and he had broke his wrist and something else and was out of work for awhile.then he told me that he was back on his feet and has been working now for a year, but the bank doesn't care because they want all of the back payments and etc up front.......so i told him lets setup a meeting at his house this tuesday to go over all of this farther (but i told him i will not be giving him a decision at this meeting, that will come later, i did this to buy some time and etc)so anyway, what should i do?

In my experience, they're usually fired for not making decisions; And most asset managers are paid an incentive for sales, and penalized for a lack there of.It sounds to me that a swampped asset manager may have lost your offer.

As the current owner paid $320k and is offering to sell it for $270k I think he has suffered the downside risk, perhaps not much left on the downside.I was born and raised here and know a lot of people in various areas, including construction, plumbing, electrical.

I'd rather have the seller paid-off and out of the deal completely before I put my hard-earned money and time into a property!

i just started leasing a junker i rehabbed and i havent been paid any rent from the tenant for 2 monthes.

REI, MikeOH, Flipper and others have been at this for years and have probably forgotten more than the "course sellers" and "paid mentors" will ever know.

We paid cash and are looking into converting the building into apartments.

Keeping the house and renting it out was just a thought since it's paid off.

All utilities are paid by the tenant..2.Do you do all the maintenance, or put some or all of it on the tenant buyer?

I purchased the house and did a 1 year L/O deal with the previous owner 4 months back and here are the numbers:-sold comps show the house being a quick sale at 130,000-purchased the house for 105,000-7,000 non-refundable lease option fee paid up front-1,400 month rent payment-my mortgage payment is $850 (including taxes and ins)-option to purchase price of $125,000I just found these forums and was interested in getting feedback for theterms of this deal...God Bless,Steven