Need Quick Advice!
Family member is foreclosing in Las Vegas. I live in Hawaii and would like to buy the property from them. They owe $220,000 and the market value is somewhere between $240k-$250k. They have a week to come up with the $6000 in arrears. Which means I have a week to somehow bail them out. Would I have a better chance at a short sale, subject to or straight purchase? All ideas are welcome!
First mortgage - $175,000
Second mortgage - $45,000
cmyke,
Glad to meet you.
One of the members here on TCI is located in Las Vegas and actively doing Short Sales along with Subject To investing.
I will e-mail him and request he take a look at your post as he is working the market in Las Vegas he will be able to give you a better insight.
John $Cash$ Lockie
[addsig]
I would do that short sale. That second looks like it might be a good canidate to get reduced. 10-15 cents on the dollar.