Foreclosure in Missoula>Question Details

P)aul, Other/Just Looking in Woodbury, NY

I would like to buy a commercial building corrently given back to the bank. The bank wants 2800000.00. and is unable to secure a buyer.

Asked by P)aul, Woodbury, NY Thu Aug 4, 2011

I would like to lease the building for 20 years and pay the bank $140000.00 per year. Title to the property to be transfered upon final payment. Can this be done?

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Answers

1
It depends on the banks attitude. It could be structured as a lease with a purchase option using a preset price at the end, for example of $100. You will need to have it presented to the bank with terms that are acceptable to you for consideration. Please let me know if you need more information or I can be of assistance.

Mike Marbut
0 votes Thank Flag Link Mon Jun 3, 2013
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