The rent is 350 a month and they are 60 days behind on mortgage, its a really nice condo and good location and the rent is too low. I want to know why the rent is so cheap?
4 Comment(s)
they may be in financial trouble and they are motivated sellers
Because the owners are going to let the bank foreclose on the condo. They want to collect something, so they’re only asking $350. In a few months, you’ll be evicted.
They may want to get someone in there as soon as possible to get income on the property. If they are late on the mortgage, they most likely will be submitting for a loan modification. They will have to prove income is coming in to do a loan modification.
The house could be in foreclosure and at best you’ll get 4-5 months out of the place before the bank takes it over and gives you the boot. The owners are probably just trying to get a little cash in their hands before the foreclosure. If you’re looking for a short term fix, it’s probably ok for a bit but if you’re looking to settle somewhere…..I’d go elsewhere.
they may be in financial trouble and they are motivated sellers
Staten island ferry | Jun 16, 2009 | Reply
Because the owners are going to let the bank foreclose on the condo. They want to collect something, so they’re only asking $350. In a few months, you’ll be evicted.
zeuz | Jun 17, 2009 | Reply
They may want to get someone in there as soon as possible to get income on the property. If they are late on the mortgage, they most likely will be submitting for a loan modification. They will have to prove income is coming in to do a loan modification.
Roz | Jun 20, 2009 | Reply
proceed with caution!
The house could be in foreclosure and at best you’ll get 4-5 months out of the place before the bank takes it over and gives you the boot. The owners are probably just trying to get a little cash in their hands before the foreclosure. If you’re looking for a short term fix, it’s probably ok for a bit but if you’re looking to settle somewhere…..I’d go elsewhere.
baseballmom | Jun 21, 2009 | Reply