Short Sale scenario
Hello. A pre-foreclosure owner contacted me after I left a note by his door that I am buying properties.
He said that he would like to do a short sale for about $650K (The house is worth $750K). He suggested that I would rent the house out to him for 2 years. After that time he would buy the property back at $50K over the appraisal.
Please let me know your thoughts.
Is there a potential for a deal here?
I appreciate your feed-back.
Alexander.
why rent it to him, if fell behind in payments now, what makes you think he won't fall behind on you? don't let him make the deal, if he's motivated enough, i wouldn't do it unless he moved out...
if i was to do "the deal" he would have go-BEFORE i was out one penny on the deal.