Wholesale Deal gone wrong. Looking for solutions

[Jack Miller]

Hello all! 

Well, after a further review at the title company, unfortunately my first wholesale deal seems to be falling through. Owner is unexpectedly in over their head on the property about $30,000 after further review of their foreclosure fees and I want to find a solution to be able to get this headache off her hands. 

I’ve done some research on creative options I can use to possibly to solve the problem and “Subject to” financing has shown up a few times. Does anyone out there know a good low money down next step for me in this predicament? 

Thanks in advance!

Jack Miller

[Wayne Brooks]

1) if the property is worth $30k less than the mtg, who would want to take it over...and why?

2) there will be a decent amount of money owed for the arrears on the loan to bring it current, to avoid foreclosure.

[Jay Hinrichs]

Originally posted by @Wayne Brooks:

1) if the property is worth $30k less than the mtg, who would want to take it over...and why?

2) there will be a decent amount of money owed for the arrears on the loan to bring it current, to avoid foreclosure.

ONe of the most important words when doing real estate transactions is simply   NEXT  !! and if what is being described is true and the OP is simply a wholesaler then  its on to the Next full stop end of discussion.

[Nick C.]

You could try to negotiate a short sale. These worked like magic back in 2012-2015, but it may still work in the right situation. 

[Jonathan Greene]

The best thing you can do is to walk away. You are emotionally invested in your first deal and maybe feel bad for the sellers, but it's not your fight. Why didn't anyone know about this before? Whatever the answer is, it's not your problem anymore. Be thankful, you found out about a deficit before you got stuck with something.