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Updated over 3 years ago on . Most recent reply

User Stats

93
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Rob Pattison
  • Specialist
  • Hermosa Beach, CA
54
Votes |
93
Posts

I'm selling a SFR I foreclosed on in St. Louis. Suggestions?

Rob Pattison
  • Specialist
  • Hermosa Beach, CA
Posted

I bought a non-performing note back in June of 2020 on a single family home in St. Louis, MO.   Because the borrower couldn't/wouldn't perform, I now own this house as of last month in December, my attorney put the deed in my name.   I have insurance on the property.  The house is 3 bed/1.5 bath/1,141 sq feet on a 5,349 lot in the 63135 zip code built in 1940.  Realtor.com lists as is value as $63k, Zillow is estimating $52,100.   

I don't want to own this property and am now working to sell it, via Bigger Pockets and Craigslist.  I will sell "as is".

The borrower's attorney said that the borrower placed some tenants into the house and signed a year-long lease.  My attorney has asked for a copy of the lease, and so far no lease has been produced by the other party.   We are proceeding with eviction, which will take another 75 days, so into March.

Has anyone been in a similar situation and worked a successful outcome?   I'd like to sell as is to a wholesaler, rehabber or whoever, ideally cash.  I'm not interested in taking back a loan.  

  • Rob Pattison
  • Most Popular Reply

    User Stats

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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    13,509
    Votes |
    23,418
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    Replied

    @Rob Pattison Get it on the local mls....you’ll net the most because All the rehabbers and cash buyers will see it.

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