Updated almost 9 years ago on . Most recent reply
Commercial property foreclosure
Hello everyone! Here is the case:
There is a commercial Real Estate foreclosure ( auto garage / service station) through auction in CT. The title is to LLC that is owned by someone I know. The auction winning bidder got it for very cheap but it is subject to court approval.
I spoke with the owner of the property suggesting tell them on the court day he has an exit strategy to recover some of the equity he has in the property (it is fully paid off and there is only tax lien).
I will pay off his tax debt and we list it for sale lower than market value for a quick flip, it will have room for my desired profit and he will be able to recover 30-40k of equity (vs losing everything)
What would you recommend for the contract / agreement / arrangement to protect myself from paying off the debt and being able to list it right away. I don't want to get stuck with the owner trying to hold the property further.
Big thanks for the input, maybe ideas why I should not get involved at all.