Recently I called a rental and the property turned out to be a trust. Her husband passed about five years ago and she wants to sell. The property appraises at $120k, the comps are around $120k, The property was purchased in 2004 for $100k and she says they paid the mortgage down to $70k. She is asking for $135k, and I should talk to the property manager for the sale. The property manager is asking for a background check and credit check to purchase the property? I prefer to deal directly with the Trust Owner and make a beginning offer around $97k. A local investor I know here she is willing to finance. The trust owner is willing to hold paper and doesn't know if the mortgage is assumable. How should I proceed. Anything I'm missing I can find out, Oh, yea, the property manager just put a for rent in the window.
Never Give Up, Never Surrender!
Next time you come up with a good deal, PM me and I'll do my best to help you. Thanks, Brent