What Is A "Friendly Forclosure"?
Need some input - please!
Wrote a letter to a drive-by property that looked vacant stating that I was interested in purchasing the prop. Got a call back from a woman who said that the prop owners, (her father and brother), were deceased and she lived out of state. She had caught up the back taxes but the loan was in default and she had made 'some' payments towards getting the property. She stated that the lender was going to proceed with a Friendly Forclosure and then sell it to her at an agreed upon price.
Property is in need of a rehab and she wants to sell. We agreed on a price and entered into contract. In theory, it is perfect: lender gets what they want, she gets a little profit, and I pick up a rehab with nice profit potential.
Has anyone done this? Are there "Friendly Forclosures" and does this scenario fit the profile?
Thanks for any input -
Noel
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