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Updated almost 9 years ago,

User Stats

22
Posts
0
Votes
Vincent Herrera
  • Wholesaler
  • Albuquerque, NM
0
Votes |
22
Posts

1st subject to deal. Advice and help needed!

Vincent Herrera
  • Wholesaler
  • Albuquerque, NM
Posted

Hello everyone, I just got my first lead  on a subject to deal that I think might work pretty well but I wanted your advice . This house is worth around 140k and needs no repairs. The seller is behind on mortgage payments two months and is behind around $2,000 in back taxes .she told me that she has declared bankruptcy as well. She owes 99k on the property so has a pretty good amount of equity. She is willing to let me take her house subject to her existing loan. I would be moving into the property as well. How should I go about doing this? I mainly wholesale properties. I'm not sure of what contract I'm supposed to be using or any other legal documents that I need.as well as the process as a whole. Can anybody give me advice as well on what I should do about the back taxes and late mortgage payments? Also anything I need to watch out for? Any advice or tips would be greatly appreciated. Thanks!

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