Detroit lead, need help

General Real Estate Investing
1

just got this one. Not sure how to proceed with it. any help is welcome. here is the info.

The Situation
Need to sell your house fast? Yes
What’s the situation? Why Selling? forclose
How soon do you need to move? 3 weeks
Property Information

algonac , MI 48001
untied states
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Bedrooms 4
Baths 2
Square Feet 2200
Year Built 1996
Stories/Floors 2
Garage 2 Car Attached
Basement None
Lot Size/Acres 50x250
How long have you lived in house? since 1996
What’s property’s condition? Good
What kind of repairs are needed? no
Estimated cost of repairs $0
Anyone living in the house? Yes - Owner Occupied
Time on Market 2 months
Listed with a Realtor? No
Listing exires
Previously listed? Yes
Asking Price $181000
Asking Price Determined Comparables
Estimated Appraisal Value $185000
*1st Mortgage 2nd Mortgage 3rd Mortgage
Balance $175000 $ $
Payment $1800 $ $
Interest Rate 12% Adjustable % %
Payments Current? No
If No, how far behind? $8500 $ $
Annual property taxes? $1600
PITI? Yes
Homeowner/Condo Association Dues? $0

Willing to sell for amount owed? Yes
Willing to receive your equity in payments? Yes
Willing to allow takeover of mortgage payments? Yes
Low price for cash offer? $any
How did you hear about us? sign on road

2

Doesn’t sound like there is much equity in this house, if any…Owes $175,000 and he’s asking $181,000. Best thing to do is get a realtor to run some comps for you first. What will it SELL for and how quickly?? That’ll get you a starting point. As an investor, I normally look to buy a property at a maximum of $.70 on the dollar.

I would not pursue this property UNLESS the owner gave me permission to work with the bank and try for a short sale…

3

12 % and behind $8500? Run Run Run

I’m sure someone will tell you to go short sale or something. If your phone is ringing, go to the next deal. If not, work on your marketing.