Not sure which way to go

Bird Dogs, Wholesaling
1

I found a 4 Bed/ 2.5 Bath house. Its been on this site since 9/13/10. It is a motivated seller and they are selling because of foreclosure/death. Its a 2700sqft home and is occupied.

They said the ARV is $180k. I looked at a few sites and even the appraisal district and I came up with around $155k-$160k. They show $6,000 in repairs.

Here is the hard part…for me atleast…

There 1st Mortgage - $140k
There 1st Mortgage rate - 7
There 1st Mortgage Payment - $1,225
They are behind $7,000

Is this a possible short sale or wholesale or what???

I was wanting to flip it but with them behind on payments and mortgage $140k, not sure which way to go. They are asking $150k lol.

Thanks,

  • Jack
2

With those numbers the only approach seems to be a short sale. The lender needs to be contacted to begin the process. With the homeowner being $7K behind, the lender should be open to the idea.