The Owner Is An Investor
I got a call from an owner who has 2 houses trying to sell. One is in foreclosure_A (auction in 2 wks) another one_B she just evicted all of the boys and have been vacant for 2 months. house A worth about 155-160. she owns 115 1st and 60 as 2nd. The B is worth about 170, she owns about 144. Both of them is rental. She has her own primary home and has some equity in it also. She has no income except some child support and little social security.
So is the A a candidate for SS. She is current on 2nd but behind on 1st. She is poor in cash but does have some equity somewhere. How to handle this situation? 1st and 2nd is not in the same lender. ?? :-?
From your description house A - is upside down by $20K and if leased what are the monthly payments received?
House B - has equity but could not cash flow and evicted the tenants. The interior is likely a dump. The repairs could be costly.
What does the seller want from the deal?
Asside from cash! The credit is already headed South and upside down on house A.
Is the current financing on any of the units attractive in lieu of your situation for qualifying?
SS is a great approach yet two weeks on House - A will be difficult to seal a deal. The bank has been without a payment for quite some time and ready to proceed.
[addsig]
Thank you for your reply. House A ss is the only solution I could think about now with the current situation. In MI we have 6 mo. redemption. We have use other way as stalling to buy some time. But I have never get someone with equity no cash to ss before. Just wondering anyone have any experience on this?
B's financing is ok. She wants something out of the B. If the A is not taking care I don't know how we could do B. She is smart and has been in the business for a while. She is having some worker to fix up the B. We will see.