that guy I told you about gentleman in my neighborhood is having trouble finacially he lost his job. His agent contacted me. He IS NOT going to foreclosure but wants to file for bankruptcy. He just want to be out of the house. He owns a 3 bedroom 2000 square foot condo that was built in 2004. He worked for the builder and lost his job. He wants to break even and just be done with the house. He owes 334,000 on it. He is 5k behind on payments. He also asked me to take over payments. I don’t know if he is current on taxes or has any other liens. The same model sold for 350,000 up the street. What could I do with this deal if anything. One agent told me to make him a low offer and let him take the hit if any, What could I offer him realistically. Could I buy it low and then lease option or rent it back to him? If he sold the house to me hypothetically for 290 k or 300k what would happen to the money he still owes or lost? He would have to figure out something I am assuming?
Is this a good Short sale or subject to example?
If I did a subject to on this would I need to call the mortgage co. he has and let them know I am taking over?
Any insight is useful