A real estate agent contacted me and told me about a property that the owner is in default on. She is an agent for the seller.
After Fixed Value: $100,000
Loan Payoff: $60,000
Cost to fix $20,000
The bank is going to start foreclosure proceedings on Monday.
He, by the way, is not co-operative and will not call the bank. But he is willing to sign the deed over to the agent or someone else. His agent wants me to accept the deed and make his payments current with the bank to stop the foreclosure. His loan is assumable. I want to offer a short sale of $40,000. The agent says the owner has to accept the short sale before the bank can approve it. (??)
a. Should I stop the forclosure by accepting deed and making payments current?
b. Should I offer the bank a contract to purchase for $40,000?
c. Should I accept the deed and not assume the loan?
d. If I assume the $60,000 loan is it still a good deal?