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Updated over 8 years ago on . Most recent reply

User Stats

77
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Lisandro Garcia
  • Investor
  • Camden , NJ
7
Votes |
77
Posts

Dead Wholesaling deal help

Lisandro Garcia
  • Investor
  • Camden , NJ
Posted

What's up BP, seeking out advice on a situation my business partner and I are currently in. We have a probate property under contract to wholesale which will end on the 7th. We found an end buyer but here lies the problem: We recently found out that there's a $60,000 judgment that has been placed by a nursing home on one of the administrators on behalf of their mother who passed. The house isn't worth the $60,000 and the attorney was contacted to negotiate but would not cooperate. Me and my partner want to help the sellers resolve this situation what are our  alternatives ??? 

Most Popular Reply

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631
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186
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Tom Keith
  • Investor
  • Longview, TX
186
Votes |
631
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Tom Keith
  • Investor
  • Longview, TX
Replied

@Lisandro Garcia Do I understand correctly?  You have a wholesale deal under contract with end buyer.  The family is selling out of probate and a judgement has been found on property from a assisted living center.  Now Yu have the price to the family and on top of that a $60K judgment making deal go sideways.  And the judgment is not negotiable at this time.  Your options are limited unless the judgement goes away completely which doesn't seem to be possible. Seller either has to pay off judgement, or sell home retail (if possible) to pay off judgment, or set on property until judgement goes away, whenever that is. Not much help but it is what is. 

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