I have a soon to be divorced couple ready to give me the house. They
want out so getting control is not a problem. The numbers however
could be an issue. The best thing though is that when she moved out,
she gutted the place. She took light switches, the vanities, cieling
fans, the hood over the stove and the stove itself. She even dug up
the crepe myrtle in the front yard. I’m fairly certain I can get a
couple of contracter estimates to go near 8k to 10k, but acutal
repairs are probably closer to 4k or 5k. The neighborhood is great.
It is a starter home in a starter neighborhood that is less than 5
years old. There is only one mortgage and about 4500 in equity. I
would like to make a short sale on the deal. here are the numbers.
Approx. value based on quick comps: 107k
tax value: 104k
what they owe: 99k
Approx. repairs: 5k
lender: Wells Fargo
Approx. Contractor bids: 9K
payments behind: 6 or 7
payments: $650
I would like to quick turn it if possible. I know I probably
shouldn’t be looking at the deal since it is over 90% LTV, but it
could be a quick 10k to 15k profit if the short works. Any advice
from a more seasoned investor would be great!