Updated 3 days ago on . Most recent reply
Have a Seller in Default and wanting to still profit from a joint venture at closing
Hi there,
I am real estate broker for 1st Class Realty ALL PRO serving the Lake, Mchenry, and Cook counties of Illinois.
Home is is Grayslake,IL
An old referral cam back to me in financial trouble and I wanted the bigger pockets communities take on it.
-ARV is about $515k-520k.
-Seller did a successful loan modification where as of Aug 2025 they will reinstate his loan at $74,783.53
-Current balance is: $308,992.35
Total debt is: $383,775.88
First new payment is due 11/1/2025 which he will not be paying.
monthly payment went from $2568 to $3737.
In order to make this a $515-520k home he will need to put $15k-17k in rehab. The seller took out the stairs to the 2nd level with hopes of replacing them himself but never did. I cannot sell this to a retail buyer unless a fha 203k loan is implemented and the list price would come done.
He is wanting to walk away with money without having to do a short sale and profit something when the property sells.
Any advice would be appreciated!
Matt