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Updated over 10 years ago,

User Stats

342
Posts
56
Votes
Amie D.
  • SFR Investor
  • South Bend, IN
56
Votes |
342
Posts

Someone contacted me wanting to sell their house

Amie D.
  • SFR Investor
  • South Bend, IN
Posted

Someone I knew in high school contacted me recently as she is desperate to sell her house, to the point she may just foreclose to be done with it. She asked me if I would or knew anyone who would would be willing to just buy it to take it off her hands. She's got an ex and their Mom renting it now long distance but they are not paying the full amount of the mortgage and they may move out at any time, and she already can't afford to pay it as it is. She is current on her payments so far, but really wants to get rid of it, doesn't want to be a landlord.

The house is in a decent area, but backs to a trailer park.

However, what she owes on the mortgage is just over by 5-10K what the house's market value is right now (didn't do an in-depth analysis, just from what I could find from comparable sales online), so I don't see any real investment opportunity here?

Houses in this region are still sitting on the market for a long time though and she doesn't think she would be able to afford that esp since the current renters are moving out at any time. I'm thinking I should advise her to just sell at a small loss or consult the bank about a short sale?


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