Partners Refi
I have a property that a home owner wants me to sell or get rid of. he declared bankruptcy which has been discharged. the appraissed for $92,000 four years ago. he owes 56,000 for the payoff. he is two payments behind at900piti amonth. not realy sure of how many payments behind.he will deeed me the house for 5,000 dollars.should i sale it for a quik sale at 73,000 or should i get a credit partner to refi and payoff mortgage, and how will i profit from tha strategy. owner do not plan on paying mortgage and will let it foreclose because he is moving out of town.any suggestions house is a4/bd/2ba/2car garage with about 2000 in repairs minor cosmetic. :-?
If your estimates are accurate you have a few options.
What do you want to do?
You can sell and pocket a bit of cash. Or you can buy subject to and then find a buyer who will buy on a lease/option (or similar) where you realize a price at or above market some time in the future.
Yes, you could get a partner but I am not sure there is a good reason to do so.
John
[addsig]
i agree with the above, i would take this sub-2, if the arears are to your liking, then retail as-is. if the arears are gonna eat you up right now, then maybe have the home owner request a forebearance/work out, then take sub-2.
regards-pat
thanks for the response. i am getting a release of in formation to find out how far behind in payments they are. should i do a tilte search too?