So I just got a call from someone I know that decided to invest in a bunch of foreclosures with a bunch of friends (so he says). He has various listings. Anyhow, here is the thing. he called and said they are selling the properties with a 20% down PLUS he would give me an extra 20K? What do you think is the catch? He says he is just trying to sell the properties as fast as they can since they are making payments on them every month. heehee… it woud be funny if he saw this on ASK. Sorry buddy! Just trying to figure you out. I know theres gotta be a catch. What kinds of questions should I ask him?
Ok… thanks folks but what I am looking for is more along the lines of what kind of “educated” questions I should be asking him or any other person dealing with a foreclosure. I appreciate your opinions but what I am really looking for is answers from people who know the market and can offer real advice on what I should be looking for.
ok sorry… what I meant to say is he will put in 20% of the downpayment. So I dont have to do it myself.

o I think I didnt add enough detail before. So here it goes: I just got a call from someone I know that decided to invest in a bunch of foreclosures with a bunch of friends (so he says). He has various listings. Anyhow, here is the thing. he called and said they are selling the properties and would put down the 20% downpayment PLUS he would give me an extra 20K? What do you think is the catch? He says he is just trying to sell the properties as fast as they can since they are making payments on them every month. heehee… it woud be funny if he saw this on ASK. Sorry buddy! Just trying to figure you out. I know theres gotta be a catch. What kinds of questions should I ask him? I am really looking for someone who can offer real advice and give me a few good questions I should be asking him and myself and what to look out for.

I have a duplex that I am wanting to sell but it needs about 15-20k of work in order to receive max money, I owe 106k, the city appraisal is 185k, is it better to refinance or line of credit to get the money needed…I want to sell this property by the end of the year…