Foreclosure Sale.
here is my dillema I recieved a call from a distress seller who home goes to sheriff sale april 16. she owes 38,000 thousand dollars on a 60,000 thousand mortgage she wants 5000, thousand dollars to move and the mortgae paid off. the comps for a 4bedroom two bath and two car garage is in the low 80,s I myself would like to flip this deal to a cash investor my qeustion is with the numbers i just posted is there a good deal here? or should I subject to this mortgage? newbie needs advice. 
sounds like a deal. is it trashed or in decent shape?
by the way structure the deal so she recieves her 5k after she has moved out and left it in broom clean condition
Have you got the $43,000 cash? Can you close in time?
I do not have the money to close but i will find a buyer? is it to late to stop the foreclosure?I will meet with the owner tomorrow to find out if she filed bankruptcy she really has not gave me much information but the house is for sherriff sale april 16. the house is in good shape and will easly sell for 80,000? hypothetically if she already filed bankruptcy and it expired how can I stop the foreclosure sheriff sale? great deal not much time need help in ohio?
Wait - you mean she is behind by $38,000? That seems a little out of hand.
I'm assuming you mean that the balance left on the mortgage is $38k. If so, why not purchase subject to the existing financing, plus hit a hard money lender for the 5k + 2k that she wants? Pay the mortgage current to stop the foreclosure and then you will have all the time in the world to find someone to lease option the property to. Or, if you don't like hard money lenders, asking for 7k down with no quals in a classified ad should make your telephone explode, and you might be able to simultaneously close and make this an almost zero down deal.
Please elaborate.
Jesse
I was supposed to meet with the owner saturday to find out the real deal she did not have ther payoff amount yet so i will keep you posted.
You might want to bring an "authorization to release information." Have her sign this form and then you will be able to verify with the first mortgage what the pay to current amount is, and what the payoff is. I always get both numbers. (The pay off so that you can verify how much is owing.) If it seems like a good deal still, you might want to verify that the homeowner doesn't have and other mortgages...
Good luck!