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Updated almost 9 years ago,
Help me with options for someone who has no equity and is under
I just got a phone call from a craigslist ad that I had posted for CFD. A gal is trying to sell her dads home who is a hoarder and I haven't looked at the property yet. They have been their 40 years but still own 167k on the first mortgage, 14k on the second, The ARV is around 215-220 (subject to change since I only did a quick Zillow Search)
She said she talked to the bank and they would look at doing a short sale but she needs cash to get him out she sound like she is in a real bind and wants to move fast
I explained to her we would probably need to come in under 100k to make this work and most CFD people are just looking to buy house when the have little money or bad credit but they would have to agree on a selling price, which in the condition would probably be less than what they owe..
Do I have any option I can provide her? Can I lock up the property, get a buyer interested, then she goes to the bank with the all cash offer and call it a day?
Thanks in advance!!!!