Is this deal.....Please inform!-

I would like to make this as short as possible, I have a situation where in a gentleman in my area is in trouble. He just filed for bankruptcy and wants to sell his house that was only purchased 1 year ago. He is already late in mortgage payments by 1mth. He says he owes about $170k and the properties in area go for $185k-200k.It really doesn’t need any work. The place may only need about $10-12k worth of work(if you wanted to get it at top price)…Question is there a deal here and what other bit of information do I need?

Thank you so much, I am a newbie so please bare with me. Appreciate everything

Howdy Lateef:

You have enough information. If you want a $185,000 house to live in buy another one that will be a lot easier to purchase so that you do not have to deal with BK trustees and judges. They are nice folks, the ones I have met but it takes time and money to close a deal.

If you plan on buying and selling you will need to get a huge discount off the mortgage and this probably will not happen. You will get a better deal after the BK is over and the lender owns it and wants to sell it for $130,000 to $140,000.

Too much trouble and risk to get involved with and no profit.