Is There Any Possible Deal Here?
I have a seller that is highly motivated. She is facing foreclosure. She owes $87k and the house is worth 92k. She says that she will walk away from it for what she owes. The house doesn't need much work. Her monthly payments are $887 PITI and it would take $9500 to have her loan reinstated. I understand that there is not a lot of equity here and I don't have the funds to take the house sub2 so just wondering if anyone has any other ideas on how to make this profitable.
Thanks for any creative advice.
Kris
New Orleans
Unless you can do something like a short sale, I'm not sure I would bother with it. 5k of equity is not much at all.
You should definately pursue a short sale.
You have to get Authorization to release information from her, then call the bank and ask for short sale package. Get it submitted and you may get a good deal.
For more information I suggest you place the questions on the "Short Sale Forum"
Sincerely,
Alexander.
Kris,
Why are you looking so close at this deal? You can find better than that on www.realtor.com.
Have you been to any of the Real Esate meetings in NO?
Kris,
There is a deal here via a Short Sale, especially if there is a second mortgage on the property.