I have a friend in GA that is going through foreclure. I live in MA. Is there anyway I can work this deal and make a profit?
Help!!!
Indi_MA
Updates:
Value $170 ???
Owes $140
One mortgage
2 yrs old
4 bed
3 bath
Whats the name of the street, and the city. I’ll see if I can find comps for you. I dont need the house number.
Zioe lane???
Palmetto, GA
Does anyone think this could be short sale with the bank?
In the ATL (which your city is part of) there are hundreds of investors.
Investors their will purchase a home with 30k in equity, just to do a cash out and rent.
If it goes to the auctions I’m sure an investor will pick it up, and banks know that. I dont think there is a chance for a short sale, but never hurts to try to contact the bank and try.
Thanks for your feedback.
Did you have a chance to run the comps?
I know he said the were building brand new homes in his sub for about the same $$$, so I was hoping to use that as leverage with the bank. If I did so, is there any way I could try to make any $$$ off the deal and how could I locate investors down there to buy?
Also if I were to do this, how much would I have to sell it to an investor for to make even a small profit?
I tried last night, but the street is not valid. You probably have to take a small referral fee because with such slim equity your eating into the buyers slim profit.
I am fine with that. Currently the he is listed with a realtor. Any ideas on how to handle this?
A realtor is another 10k. Another headace. Try to get the realtor to contact the bank and see if a short sale is possible. They do it in my area all time.