Options For A Homeowner In Foreclosure

[Martin Sterling]

Greetings all,

So I found a lead in NJ that is in foreclosure and has a scheduled sheriff's sale date within 2 months.

The seller owes the bank $180,000. The ARV on the property is about $280K-$300K. She probably needs about $30K in work. She's occupying it. Single Family.

To be a regular wholesale deal if she agreed to sell, the numbers are a bit tight.

QUESTIONS

1- Is there a refinance strategy available to her here or some other way to help her if she doesn't want to sell?

2-Is there a way to structure a sale here that makes sense to an investor where the seller gets the $190K-$200K plus I get a $5K-$10K fee?

3-If neither are options, what is she left with?

I mean, it's not underwater so I can't see the bank accepting less. I'm just trying to figure some different approaches.

Thanks In Advance