Anything I can do

I think I know the answer to this, but I will ask anyhow. I just got a call from a gentelman that has 2 houses and wants to get rid of one. He had it with a real estate agent, but could not sell. He bought it for 140 and owes 135. The comps say 144. Anything I can do? I would like to wholesale it. He said the hose needs no work.


Then what does someone do in that situation?

If he’s failing to make payments you might be able to shortsale it. You also might be able to lease option it and sublease to a tenant buyer. Can you give us some background on the situation? What is his current PITI? What would your current market bear for this place as a rental?

I do not have much info to give. Possible shortsale. I would have to ask more info. Never tried one. Might be good experiance. How much trouble would he have to be in for me to convince a LMR to accept? Lease option is a bit beyond me at this point. Not sure what PITI means.

PITI - Principal Interest Taxes Insurance

So this is not a sub2 candidate?

If you sub2 what’s your exit strategy? You take over the payments, then what?

I was just curious. I am a wholesaler. Not ready for that yet

Do they have to be behind in their payments for a shortsale to happen?

If they are making their payments what motivation does the bank have to short the property? I would think it would be HIGHLY unlikely to get a shortsale together if the payments are timely.

I think that seeing as the seller owns 2 houses, and wants out of only 1 of them, that there needs to be an underlying reason for the sale. I’ll take a stab and say that your seller is just “Working the Broker” as it were. Basically trying to find out how much he can get for it without hiring a realtor. My advice, unless you can shed alot more light on this one is to tuck tail and run in the opposite direction

If you are looking to wholesale it you are looking at somewhere in the neighborhood of $100-$110 minus cost for repairs minus your profit. In my opinion there isn’t enough built in for that.

Ya. I passed over it. Told him to loose his job and not make his payments for a few months. Just kidding :smile