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Buying & Selling Real Estate

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9
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Kody Smith
  • Rental Property Investor
  • San Jose, CA
0
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9
Posts

10 days to auction, wholesale deal Help needed

Kody Smith
  • Rental Property Investor
  • San Jose, CA
Posted Aug 7 2024, 15:32

Hi everyone,

Situation:

A foreclosure seller called me back today to finally make a deal.  He informed me that the auction would happen in 10 days, so he needs to sell right away.

ARV: 2.5M - 2.6M
Repair estimate: 180k

school zone: 9/10 rating a very popular school zone for the area.

he owes 700k in areers! but there is equity in the property.

he wants to get 2.2M for it in an ideal world.

My situation:

i'm invested in other properties for fix and flip, so I can not flip this one myself... though I wish i could. (any lenders welcome to help me figure this one out!)

question:

1. How can i delay or stop this auction, so that I can get the property marketed for a higher price?
2. are any of you open to closing a deal like this (happy to share all details and make a connection)
3. Can his attorney delay the auction?  I heard bankruptcy laws recently changed... i'm not sure. 

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