Hi All , I came across a possible lead here’s what I have. She just got divorced. It’s not listed with MLS, 5BD 3BA 1800sqft Emv as-is $250k From appr, Asking$ 230k, Morg bal $213k thats both 1st&2nd, Mo pymt $ 1395, Payments current, I have not talked to her yet. I checked the MLS for that subdivision and a house came up just down the st at $248.5 the area was from $247k to 289k. Need help here this would be first Deal. I would like to flip this for fast cash if I can. I live in Denver CO. area
If we take the $250k From appr value (this is not market value) just to pay off the loans you would have to give 85% of the appr value.
You said I checked the MLS for that subdivision and a house came up just down the st at $248.5 the area was from $247k to 289k.
A 40k difference from $247k to 289k is not a good comparable.
You need to establish what similar homes in likeness and location to your subject property has sold for to determine market value.
Personally, I do not see a deal unless the lenders would entertain a short sale.
I think a good idea for that is to offer to buy the house Sub2.