Anything I Can Do?
I had a lady call me today wanting to get rid of her house. The house is in her name. She had bought the house for her sister a few years ago. She is behind (2) two house payments (about $1400.00). The house was built in 1998 and it sounds like it is in great condition. The only problem is that she owes about what the house is worth. (Based off of comparable sales) She would probably be willing to sign over the deed to me. She is really motivated to get rid of the house. She will show me the house anytime. Do any of you have a creative idea? Or is this one probably not worth doing anything with?
Thanks!
Is the area appreciating? If so, then it might make a good sub2 deal
[addsig]
OK, I met with this lady today. The home is a nice 3 bedroom 2 bath house that was built in 1998. The only thing the house needs is the carpets cleaned and a little painting. The house is in great shape. Nice little neighborhood in a rural small town. The house is worth about as much as she owes on it. ($90,000.00) She owes $1,400.00 in back payments. She has about 2 weeks to do something before the bank takes action.
She told me that she is willing to sign the deed over to me right away. She would also allow me to get an authorization to talk to her bank.
Do any of you experienced investors have any idea what I should do in this situation?? I may just need to let it go. Any feedback would be greatly appreciated!!
What do you mean let it go!! Only 1,400 in back. Pay it get the deed!! Sound like a goood deal.
So its a small town near Little Rock?
How much could you rent out the house for?