Help! How Can I Make This A Winner?
I recently came across a property on sale by the owner. By the way, I am new to REI. The owner states that he is going into bankrupcy and want's out on his home. That's great and all, but how do I make this profitable for myself.
His terms are this: He want's $10K in his pocket in cash. He states that he owe's $340,000 including liens. I did some comp research on the area and found out that 50% of the properties were sold between $350,000 and $400,000. those buildings sold for mor have about 100 mor sq ft. and .5 more of a bath.
What kind of options do I have to take advantage of this opportunity?
You've got to do a better job at determining the property's as-is, fair market value.
If the man owes about what it's worth... you may be able to facilitate a short sale such that the mortgagee and/or lienholders accept less than they are due.
So how about a little coaching?
I have the Property report for this location. I know how much he took out on a loan 2 years ago and which bank he took this loan from.
The median price for this area is about $369,000. He states that the property needs a little bit of work on the interior. the exterior is fabulous as the property was erected in 1996. Can I actually contact the bank in regards to the property and cut a deal with them? I want to verify he isn't bluffing on this ad as a tactic for selling. can you give me more pointers?