Double Closing To A Retail Buyer....
Can anyone help me with a deal review? Here is the situation. Borrower is in bankruptcy and has permission from trustee to sell her property. There is not much equity in the property so this is what I was thinking about doing. any help would be appreciated Get property under contract Market the property by classified ads “handyman special need to sell quickly” Find a retail handyman buyer (not enough equity for investor) and do a double close Me and seller will split the proceeds when sold Here are the numbers Arv 75k Liens 43500 10k repairs Sell for 55k
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find out how much is needed to cure the loan( bring it current).have the seller sign the deed over to you in exchange for not having a reposession on her credit(this is called a subject to purchase) .cure the loan. fix the property and sell it for 70k. 43k + 10k +5k?cure=58k. 70k-58k=12k ,not too bad for a 15k investment that shoul only take 2 mos at most.
thanks for the insight. the homeowner is behind on bk payments and is about to lose the house. i think i am going to pass on this one. thanks again
the bankruptcy is behind on payments and they are trying to dismiss it. it might be the best bet to just buy it out right. i will work up the formula to see. thanks again