Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

29
Posts
0
Votes
Dustin Dummer
  • Lake Ozark, MO
0
Votes |
29
Posts

What would be the best way to handle this deal?

Dustin Dummer
  • Lake Ozark, MO
Posted

I have a hypothetical deal based upon a real life situation I just encountered. A person is sick and is going to have to leave their home. I don't have all the details yet but let's say the home is worth at least $150,000. She may owe $50,000 and possibly behind on payments. What would be the best approach to this situation if a deal could be made? Is this a wholesale situation? What's best way to close the deal and to resell the property? I understand subject to reassignment to an investor but what about wholesale to a retail buyer? Would I close on the property with transactional funding then sell to a buyer? Do you use a traditional sales agreement or still use a wholesale reassignment contract to resell to a retail buyer? And what potential issues could arise: I remember reading how reassignment can potentially trigger the loan to  be called do? But i assume if money was owed something would have to be worked out with the bank anyway. Other potential issues? Thanks for your input.

Loading replies...