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Updated over 5 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from Atlanta, GA
  • Member since May 15, 2019
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from Atlanta, GA
  • Member since May 15, 2019
Connect
Account Closed
  • Rental Property Investor
  • Atlanta, GA
2
Votes |
16
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Foreclosures

Preforeclosure bank wants 900k to settle debt to stop

Account Closed
  • Rental Property Investor
  • Atlanta, GA
Posted

Hi ,

There's a high end property in preforeclosure that is immaculate. The market value is 1.2m no real repairs needed.

Bank wants 900k to stop foreclosure process. But balance is $1043m on mortgage.

Can this be a wholesale assignment at all ? Or are these numbers just bad all the way around?

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Ron S.'s profile image
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Ron S.
  • #3 Foreclosures Contributor
  • from Paradise, California
  • Member since Jan 15, 2015
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Ron S.'s profile image
Ron S.'s profile image
Ron S.
  • #3 Foreclosures Contributor
  • from Paradise, California
  • Member since Jan 15, 2015
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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
869
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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
Replied

Sounds like a short sale? They know something you don't know if they are willing to take a short payoff. And you want to wholesale it? I think the chances of wholesaling a shortsale are about as good as the chances of Hillary and Donald getting caught in bed together.

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