An owner has contacted me to see if I can be of assistance. The property is an older single family in a not so great area and it needs some updating with appliances, paint etc, no structural damage. They are an out of state owner. The mortgage is current but she says it is near foreclosure. That is the part that confuses me. She has a mortgage balance of around 50k and thinks she can get around $55k. Comps coming in around $40-47k. So since she is current that limits my option as well as her having not much equity. She is not interested in having the payments taken over. So I think I am looking to see what options you guys think are available.
Nope. You are seeing things the wrong way. You have found an owner who owes more than the property is worth, the property is old, the property is in a bad area, and the property needs work. Even if the owner is right and she could sell the place tomorrow for $55K, the extra $5K would probably be lost to commissions and closing costs. Unless this woman is your mother, you have no valid reason to consider this situation any longer.
When you say “short sale for them to list”, I’m not clear on this. Do you mean that the agent would help them with the short sale, or do you really mean the agent can list it as a short sale. I have a real estate license so thats kinda why I’m interested in finding out what you mean by that.
They contacted me because they say they want out, dont want to deal with it anymore, they found me from my website.