Complicated Situation
I was trying to buy a foreclosure property but it tuned out there was no equity in it. Her husband has another property which has 4K equity which he is willing to sell and get that equity. They need another 8K to get out of foreclosure, fix up and sell the other property. I have the cash but what would be a way to lend the money without loosing the extra 8K they need to get out of foreclosure? Thanks.
Is it a fast appreciating area?
[addsig]
Owner has moved out of state and through our conversations trying to save the foreclosure property, he has taken a liking for me. I met with him yesterday and convinced them to let the other property go into foreclosure and sell the one not in foreclosure to me. I inspected the house which is not in foreclosure. He owes 77K on it and would sell for 79. About 6K worth of work is needed. ARV is about 105K. It is in a growing area. The problem is the owners is in default in some other bills and wants to file bankruptcy. I want to use a conventional loan and could close in 3 weeks. Should he file bankruptcy after closing? Thanks.
You should just be able to foreclose, call a foreclosure lawyer and find out what you need to do next.