I know of someone needing to sell their house due to foreclosure, and they need to move. They say the house value is estimated 133K and they asking 60K
However…the remaining mortgage balance is 133K - so what happens here?
Thanks.
something doesn’t add up here:
They are in foreclosure, yet are willing to bring to closing the 73K difference?
This sounds like a short sale being wholesaled, as I don’t see a bank letting them do their own shortsale?
We need more info than what your giving, or what they are telling you.
Hello,
This is all I have (Minus propreitary info)…
Description: 2 story house
Why Selling: Foreclosure and moving real soon
Property Type: Single Family
Pool: No
Square Feet: 1200-1500
Bedrooms: 3
Baths: 2.5
Garage: 2
Occupied: No
Realtor: No
Asking Price: 60,000
Estimated Value: 133,000
Lowest Acceptable Offer 50,000
Value Source: Other
Repairs: None
First Mortgage Balance: 133,000
First Mortgage Rate: 8
First Mortgage Payment: 1,075.76
Behind On Payments: In Foreclosure
Amt Behind: 7,000
I have contact info and everything, should I just contact and ask why they are asking that amoung if they still owe so much?
Thank you!
If they are selling for less than they owe, this is called a short sale and a bank approval is required. Basically, the bank is taking a huge hit and it has to be approved by them.
Something is totally off. Numbers don’t make any sense. You better verify with them.
I thought it was very odd too, that is why I posted this thread. Anyhow, I decided to leave that alone as I have many other leads that are not so quirky 
If the asking price is 160K and not 60K, then you have a deal. There is just no way those numbers are accurate. Double check with them. Give it a try.
Chicago wholesaler…out.
Any other ???s