2 FAMILY DEAL, QUESTIONS

Foreclosures, Short Sales, Tax Foreclosures
1

A lady that reached out to me has a 2 family in Somerville MA, north of Boston MA

Details:

Reason for selling: we used to break even on the property each month but the taxes have gone up considerably so it is now cash flow negative.

When would we like to close: there is no rush to close; this is only my second inquiry into selling the property.

Occupancy: the upstairs (2 bedroom) apartment is rented but the downstairs (1 bedroom) is vacant

Debt on the property: we owe about $285K on the loan.

Equity: we may have an estimated $30K of equity

This looks like something I probably should walk away from.
I’d like to get everyone’s thoughts about this.

2

are you interested in buying this property ? As for the lady who had approached you ,would she willing to accept a short sale deal from you if she can’t keep up with the mortgage ?Walk away is not the solution instead i will try to get the first floor generate some cash and have a realtor market the property.

3

how could she accept a short sale from me, if she owes $285k on the loan?

Are you saying I can offer her less than $285K?