Should I Even Try.
Had a guy call me up to see if I could help him out.
Total Mgt= 279900 + back payments/fees
1st = 223920
2nd= 55980
Bank= Chase for both.
Now the fun part.
House is new. has upgraded cabinets, carpet and some other stuff. It has a Large screened in pool and patio. Pool is off center so there is plenty of room for grill and furniture.
Needs a few minor repairs- paint, patch some small holes/ corners on walls, replace carpet in two bedrooms ( dog tore some of it up. Thats it for repairs.
Now the bad.
There are 30 homes for sale in that neighborhood. Its only has 5 streets in that area. The price range for most are 220-270k. Most of them have been for sale 60+ days.
Good news.
This house is the only one that has a pool. The area is growing fast. There is new walmart and many others stores going in less than a mile away.
Does this sound like something to try for? My main point to the bank would be the large amount of homes for sale in that area.
Thanks
Owing 279900 with back and fees when the homes are selling for 220-270 and not moving at that price does not sound like a good deal. Do you have the money to carry the payments and expenses for a few months or a year (whenever it sells)?
Im kinda curious to see how low they will go. This might be a good rental for a yr or 2 to wait for the area to grow.
I just found out that the sale is on the 31st of May!
Also the 2nd is not foreclosing.
How will/does this work?
Judgment on first is $238234.58
Please help