Just visited today with a guy who received his notice of default. He is scared and a motivated seller. He owes $90K on the house and it assesses for $97K. The homes in the area go for about $120K. Is there any profit in this deal? I’m not sure a short sale is feasible since he owes less than the assessed value but he probably can’t take too much less than the loan balance i would think? How can I help him get out of this situation but also get a profit for myself? Or is this deal I should pass on?
As you can tell I am new to the business so just figuring out if I got a good one or not.
We have an investor that can purchase the home outright so financing is not a problem. Rehab work is uncertain at this point. Current owner probably cant bring much so it is on us.