Pre Foreclosure?
I need advice on this situation...Can you help?
My brother lives in a big old house that has been converted into apartments in Savannah, GA. The owner is having major financial problems and the property is probably going to be foreclosed upon in ~ 2 months. My brother is interested in buying the property. Here are the details I have so far:
-she claims there is about $100K of equity in the property and that it is cash flow positive (not sure how much)
-it is supposedly worth about $400k
-my brother will qualify for about $300K (not sure if that is on his income alone or not) but does not have the additional $100k to put down.
I have some ideas, but I bought my properties the old fashioned way, so am hoping some of you might have some good advice on how both my brother and the owner can get out ok. Help would be greatly appreciated!
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