I have a old friend of mine that wants to sell her property. It’s already in foreclosure. She’s 4 months behind in payments. About 48,000 owed on mortgage. I ran comps in the area, 60,000 is the highest she can sell the prop. for. How would I structure this deal and still make a profit? I don’t want her to deed the prop. to me, I’m just trying to help her sell it without a realtor?
Any advice on how to structure would be greatly appreciated!!! :help :help :help
You probably need to get a short sale approved to make this workable. It involves lots of patience and coordination. You start by getting loan authorization from the owner, write a contract and work to get the bank to accept a discount on what is owed.
I think a Short Sale sounds like a good solution. Make sure you know your exit strategy first.
:cool my question on this is :::: WHEN is it set for sale at acution ??
AS well you can do a lot of things just depends on how much time you have to work with !!!