Hello again! Sound advice required please.
I’ll try to not leave out any details.
I have a property under contact (option to purchase) for 119,000-that’s owed on loan. I gave myself till oct. 10 to wholesale. Comps (great neighborhood, school dist., ect.)are selling for 170,000 (but this is the smallest house on the block, so I’ll say 155,000)
Asking price is 125,000.
I get a ton of interest, investors blowing up my phone.
I and they finally visit the house and gentlemanly decline further interest or say the can’t go higher than 100,000. Unfortunately the newly installed hardwood floors have buckled, ape windows need replacing, work on both front and back porch…ect. -we’ll say $20,000 in repairs of which the seller is in denial about because he did most of the work himself…
The seller is 9,000 and growing behind on payments and the bank may take it soon. He is also out of state which is a pain when little something’s aren’t signed properly on paperwork.
A lease option is out because I’d have to ask for 14,000 down wich is a bit ridiculous for the area and I wouldn’t call the house renter ready.
Even buyers with traditional financing are snubbing it.
The only option I can foresee is a short sale. It is a VA loan and I don’t want this guys benefits hurt or decreased due to a compliance, he’s worried about hurting his credit.
Anyone have a good solution so I can help this poor guy? I feel awful about not getting the job done, I thought we had it in the bag before I stepped inside. I just don’t see going through the banks to negotiate s forclosure, though profitable for me, working out with our timeline…