Subject To Finder's Fee
Hey gang...found a pre-foreclosure thru another rei website. It was being advertised by another investor. I made a call got some info and decided it might be a good subject to deal. I have been speaking primarily with the investor who said that their interest in the deal is a $2K finders fee. Seems like a pretty good deal, providing we can get a modification or forebearance agreement, and it seems like something can be worked out, as the other investor has spoken today with the loss mit. dept. When asked why the other investor was not interested in the property, he told me he was not able to do the deal, given his current financial and credit situation.
Balance:110k
ARV: 135-140
PITI: 995
Homeowner not looking for anything, just to avoid FC.
Pretty good looking house,actually, in a good area on 3/4 acres. I still have to run the comps to verify potential ARV. Not much repair needed, fresh paint and carpet cleaning. Plan is to take subject to and then do a L/O asap.
Does this finder's fee seem acceptable? This will be our 1st subject to ( we have a SS in progress), so we want to be pretty confident about the decision to move forward.
Any other feedback regarding the numbers?
Thanks in advance.
Suntzu18
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