Updated almost 10 years ago on . Most recent reply
Newbie
Hello Forum,
Newbie to the wholesaling business. I have done the marketing and have already have a few leads. One lead is puzzling and I don't think the deal can be done but any opinions will be much appreciated. Here is the scenario.
A distressed homeowner contacted me and informed me they were looking to sell their home. The homeowner owes 80k on mortgage and bought the home back in 07 for 93k. The homeowner is trying to get rid of the property but the property has some type of plumbing issue in the basement and estimate for repairs ranged from 3500-10000 dollars. The house needs some TLC considering it was being rented out 2 years prior. The value of the home today sits around 75k with an ARV of 86500. Would it be wise to enter into a contract with the seller, offering 80k for the property in order to flip it to an investor. Considering the damage and the fact the seller still owes 80k on the home which would have to be paid in order to transfer title is this to much of a risk. Also the homeowner is in risk of foreclosure. Any help would be much appreciated.