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Updated almost 9 years ago,
How to help sellers with high mortgage and death disclosure
Hello;
So, I'm curious and my "how to" gears are turning.
Being inexperienced, I either would like to find an experienced buyer (assuming there is someone out there for this sort of deal) for this property or have an experienced investor partner with me, who is familiar with how to solve or work around these types of issues.
I would like to learn about how to help in these difficult situations and get some experience.
I imagine this wouldn't be the first of it's kind and where an investor had been able to step in and turn a property around.
Situation:
3 Bed/2 Bath 1300+ Sq Ft SFH
Asking is $459,900 and owner owes $436K. It has been mentioned the buyer will need to close with at least $2k (not sure why it was mentioned, just passing along).
It's been on the market for the better part of a year.
There was a murder on the property a year ago. Father stabbed and killed his 18 month old son. Then, stabbed himself, which was not life threatening.
The property has been a rental for a while and at the time of the death, there were multiple people/families renting rooms in this house. The neighborhood is otherwise mostly owner occupied and a good neighborhood.
I'd like to at least hear from those in the BP community who have come across a similar situation and successfully flipped, despite the circumstances.
If you have links to similar stories where the outcome was a success, please pass them along.