In a decling market it is rarely a good iea d to enter into a contradt with an option to buy as the market value today may be $100k, but tomorrow $75 and you will be held to the oriignal asking price of $100k.
As for the property to which u refer, as far as I can see it it not on the open market and the owners still have the option of "catching up with payment to keep their investment". If not, it will go to auction. Have u ever been to an auction? If not be advised, that you are up against major players who do this stuff for a living and come with cash. You will also inheret any and all liens against the property should u pruchase it in foreclosure, so therefore if u acquire it for $100k and it has $40k of lines that is your responsiblity. As a result, it is best advied that you not only do a home inpsection, but a title search before you attend an auction as it is not the Sheriff's obligation to advise you of any liens . . . any prior due diligence is up to you. Yada, Yada, Yada, I can go on and on, but it appears that this property is waaaaaaaaaaaaaaaaay underpriced and I am sure tha bank will demand a starting point of $200k.
Francesca Patrizio, broker Sales Associate, ePro, SRES
P.S. I am not in the marrket for these types of sales as they net little income with baeu coup work on the part of the REaltor, but I can refer you to others that would be happy to oblige.
The property you link to has a notice of lis pendens filed which means the owner defaulted and the house is in the beginning stages of foreclosure. For starters, not all properties listed on this site in pre-foreclosure are available for sale. In addition, if it is for sale, the owner would most likely want to sell it so they can payoff the bank or if its worth less than what they owe, they would try to get the bank to approve a short sale. Either way the home most definitely would not be available for rent with the option to buy.
(732) 972-1000 x 364