So Close I Can Taste It....But Need Advice!
HERES THE DEAL
1st Mortgage - $166,00.00 good standing
2nd Mortgage - $56,500.00 in default
comp study apraisal - $240,000.00
HERES THE SITUATION
The seller does not care about the equity, i offered to give hime 2,000 cash at closing for motivational purposes. The lender of the second mortgage has agreed to a short sale offer of $40,000.00, i need to back up the sellers foreclosure date to do a more in depth due diligence on the property. How should i approach this? and if i do what is the best option to purchase and/or flip the house? Or would it be recommended to just drop the deal? this is my first deal and am a bit nervous. ANY ADVICE WOULD BE GREATLY APPRECIATED.
thanks,
Anthony
Thanks for the advice,