I have an opportunity that I need advice with.
I own a commercial building and the property next to mine will be going thru a foreclosure.
The current owner closed the doors and has not made a mortgage payment since December 2013
The Banks have not even contacted him yet - so he says.
The building is a 4000 SF warehouse and 1500 SF office. I estimate it is worth about 185K
He has a first mortgage at 111K and a LOC secured with the building at 180K thru a different bank.
His mortgage is only about 1100 per month (first mortgage I assume) – I rent a space elsewhere for 2050 per month of similar size.
So I could use this place. I told him I would rent it from him but he was not sure what would happen if the banks come and lock him out. I was hoping that if the bank saw me as a renter they may consider selling it to me.
I would like to buy this property but not sure how to go about it. Do I need to wait for a Sheriff Sale?
Any ideas on how to buy it from the banks directly at what it is worth?