Distressed Seller

[Rickey Wallace]

I was called by a potential seller yesterday, asking about the foreclosure process. After speaking w/ them, I informed them I would call them back this weekend w/ an alternative maybe other than going into foreclosure. Here's the details: Seller wants out of their property. Has owned for 7 years so there's some equity, just not much. They're thinking about letting it just go into foreclosure and declaring bankruptcy. After deciding that route, they haven't paid about 3 months of mortgage. They're not in a rush to move and would want to move out in, at max, 4-5 months. Purchase - $79900 Loan type - unknown currently There's little, if any, room for appreciation. If acquired, would be for rental. Thinking maybe a subject but would like some feedback as to what other options might be available