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Was there a phone number listed on the sign? If so, did you call it? If so, did you ask any questions? If so, what questions did you ask? Did they answer your questions? If so, what were their answers? Did you find those questions useful? If so, what do you think of the investment potential? Will you be making an offer? If so, what will be the terms of your offer?
Ok, as you can tell from some of the replies, you really didn't give a lot of details, but let me say this. If that $ 20K down is for someone who is going to do owner financing, run as fast as you can. If it is through a traditional lending institution, then it might be ok.
Reason I say that is, many years ago we bought our first home and the owner, a well known local businessman, financed it for us as we were a young, married couple with very little money and had not established credit yet.
For about 10 years (out of the 20 year mortgage) we paid faithfully every month and we also put a lot of money into the house remodeling it. Then, as our credit got better, a banker offered to loan us money at his bank to refinance it and give us some cash to finish the remodeling.......so, we applied.
He came back a couple of days later and told us our home had a lien on it from a lawsuit, and he could not make us the loan. Our "reputable local businessman" had gotten into some trouble, and everything he owned (including OUR HOME) was tied up in a law suit ! What he had to do was sign off on our home to release it, but he was unwilling to do so.
Finally, I went to his business and told him I was going to choke his *** if he didn't sign the paperwork, and he did. But we could have lost our home because of it being tied into his dealings. I would never buy anything financed by some individual again in my life, not a home, not a car.
Just a word of caution about owner financing.
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...couldn't rep you again!
What he had to do was sign off on our home to release it, but he was unwilling to do so.
