A seller contacted me recently with a 3-flat he just bought 4 months ago. My research showed that he paid way to much, about 50k overvalued, so I asked him why. He told me that the previous owner and mortgage person arranged for him to get 20k cash to purchase the property. I am sure this was some form of fraud. Since then he has been collecting rents and not paying the mortgage. So you see the type of person I’m dealing with.
Anyway he now wants out of the building since the bank is writing and call all time, imagine that. He tells me “I dont care what I get for it I just dont want it, I dont care about the bank, I’m 79 y.o. and dont give a $h_t about my credit”.
My question is, can I make some money here? The building is in very good condition so a short sale would prove difficult. If he deeded the property over to me would I be responsible for the debt? Is it true that when you lie with dogs you get fleas.