Alabama - Investor Needed To Help Family Avoid Foreclosure
My father-in-law has been unable to find work for over a year now, and my husband tells me that they can only make payments for another month or two. In perfect condition, the house would be worth around $220k. My in-laws were trying to fix it up to sell themselves, but ran out of money after replacing all exterior siding, paint, back deck and upstairs a/c unit. The house still needs quite a bit of cosmetic repairs/improvements and a couple of significant repairs to include a new downstairs furnace. It is a 3 story, 5 bedroom, 2 1/2 bath home with a formal dining room, large living room and full basement. It has a wrap around porch in from and is a very nice house. It is on a 3.1 Acre lot in a very nice neighborhood in Maylene, AL where homes are worth $200-$500k. I am trying to find an EXPERIENCED investor with the ability to close a deal to help them out of this situation and make a profit either by fixing the house up for sale and taking a share of the profit, negotiating a short-sale, lease-optioning or buying the property outright. I am open to any other suggestions from anyone as well. As I mentioned, the home is worth around $220k in prime condition. They owe about $150 k on the first mortgage and $30 k on a second mortgage. Please email me at **Please See My Profile** for additional information and unless you are offering suggestions or have the ability/means to help out, please don't waste their time. They have gone through enough already and they do not have much time left. If I had any money to spare right now, I would fix the house up myself and help sell it, but I’m not in a position to do so.
It might help if you would include the repairs that have been done and an estimated cost on repairs left to be done. Also where did you get the 220K ARV from? Also have you contacted your local REIA club? There are more than likely investors there close by who can offer some solutions.
Joe
[addsig]
Go to the top of the page and look under groups. There are some investment groups for your state listed there.
You can also go to properties and list it there.