I am fairly new to REI, never had a deal and I do not have a mentor. I am going to take an online course to become a agent. But I know of a woman who is renting a townhome that is undergoing forclosure in the next 5 months. The landlord wants to get out, the tenant wants to stay, and I know the bank would love to take an offer, any suggetions what I can do to help them out and find an buyer?
It's tough when the home is in the foreclosure process and the owner has already missed payments, you would have to put down twenty percent and new financing to take over the property or make up the back payments and try to wrap (Take over subject 2) the existing mortgage.
How many payments is the current landlord behind? Is the property value less than what is currently owed? Have you talked with the current owner to get an overview of their situation and what is owed?
Let me know when you find out and we can go from there, do you have some money if you could pay the money in arrears and take over the existing mortgage? Just don’t do anything until you get some advice as if you can make this work everything is paid in escrow!