Deed in Lieu of Foreclosure...agent advice...Bronx, NY

[Dion Griffiths II]

Hello BP world,

I'm an agent in the Bronx. About a year ago I listed a property for a seller with hopes of them avoiding foreclosure. An investor offered to buy it negotiate with bank, find seller attorney to cover contract, remove the squatter in the basement, cover my comission and even give the owner some relocation money and something additional if possible. When I say the owner was DIFFICULT to deal with it is definitely an understatement. Long story short he eventually fired me, kinda...like thrice..., and tried to back out of the deal because he felt the investors weren't giving him enough when other investors claimed that they could give him much more. Last I heard he was selling it to one of them. That was maybe 5 months ago or so. Today he texts me asking for help because he upset the investor who was supposed to buy his house and they no longer care about helping him. He asks me if I can help says he would like to deed in lieu of foreclosure. 

I do want to help him despite him being hair pulling worthy...I just haven't done this before exactly. What exactly are my options. I have investors I can sell it to. I have people I can use to flip it....I have people who may be able to wholesale it...I could list it again maybe...I don't know what the best option is...and I do want to help him...

Imagine I'm green and don't know what best of course of action is...because in essence...I don't. 

Any advice appreciated. Peace and love

[Lydia R.]

@Dion Griffiths II I would suggest at this point if its truly a deal with a potential for profit partner with an investor who can flip it, buy the house, flip it and make some money! What kind of timeline does the seller have? How soon is the foreclosure?