I am not sure if this is the right Forum , but i need as much input as i can get on this one. So PLEASE HELP !!!
I found a house that is worth 650K and the neighborhood sells for in the 500K Range , she owes 350K and just wants out, pay off that is , should i do an auction and rake in the money after it sells ,if so what type of wording or contract should i use on that ? , do yall use an luxury home auctioneers ? is this even legal , that house would be hard to wholesale i would think.
Well is the owner current or behind? if the house will only sell for 500K then who cares if it’s worth 650K…I would have some comps run in the area, get an authorization to release information signed by the seller so you can make sure her numbers are right. Then get an option on the property, then you can try you auction idea. I would also find out how much if any equity she might have. You could always do a subject 2 or lease option and offer half of her equity when you cash it out.
Here is where you want to ask your questions www.auctioncommunity.com it is a discussion board for the public and professional auctioneers.
I Moderate on this board, so if need be I can give you some names of auctioneers who will get the job done for you professionally and answer your questions.