What Opportunity Is In Front Of Me?
Okay, I'm a Realtor/Investor. I just put a listing I have under contract and someone who follows me on social media seen my post about it and decided to contact me about their property in the same county.
Here's the deal:
3 bed, 2.5 bath, 2 story w/basement, 1 car garage, needs work (will verify extent of work this weekend)
- There's more owed than it's worth (she is getting me an exact # in the AM) approx. $280k, ARV is 255-260k
- She has a tenant there who is not paying rent consistently
- She is several months behind in mortgage payments and has been contacted by the bank
- She owes $9k in HOA fees
- She wants NOTHING to do with this property
- I've verified that she's caught up on taxes
- There may be a lien on the title that's already been paid for furniture (she ran her own search) and will need to be cleared somehow -- company may be out of business
What the HECK should I do with all of this?! I really want to help her first and foremost but I know that I can't put any money in her pocket by selling her house the traditional way. I would love your advice!!!
Most Popular Reply
@D'Aydra Allen Partner with a short sale expert, be involved as much as you can to learn the process for next time :)