HOW TO MAKE A DEAL WITH A BANK FORECLOSURE

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Posted by michael on July 10, 2008 at 13:07:16:

Good afternoon to all in CREONLINE. I have a questions:

Has anybody ever put a deal together with a bank owned property such as a lease option or somethinkg in that area?

I live in Southfield, Michigan about 10 minutes from Detroit. As many of you know, Michigan is supposed to be leading the nation in foreclosures. I have been coming across alot of properties that just two (2) years (per county records) ago sold for around $200k and up with square footages in the area of 2000 to 3000 square feet, 3 -5 bedrooms the whole nine yards. Now these same properties are selling for around $64k to $125k with some repair work needed on some.

Is it possible to put a deal together with the bank for a 12 - 24 month lease option or structure a deal with the bank to buy the property. A couple of properties I have looked into have been on the market for some time.

Any ideas. I can be reched at: michaelbuddin@yahoo.com

Thanks Investors. Hope to hear from someone soon.


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