Updated almost 10 years ago on . Most recent reply
Winston Salem Investor -- seeking input on preforeclosure deal
Good morning Winston-Salem BP
I have a potential pre-foreclosure deal to wholesale and I'm looking for some insights. Here's what I know...
The balance owed on the property is $150k. Purchased in 2007 for $185k. Monthly payments are $1100 and interest rate 7%.
The amount to reinstate the loan is $8091 as of 6/1.
I'm struggling finding comps on the property, but best I can tell the ARV would be below the mortgage balance (though est value online is $165k).
When I spoke to the owner on the phone before running numbers, he was open to cash offer or owner financing.
Since I don't think a cash offer would make sense, is the best option to get it under contract to pay the $8k to reinstate the loan and then offer some moving / relocation assistance ($5-10k check?) to the owner?
It's a 1961 home, 3100 sqft, big deck, big rooms, lots of exterior doors, 3 bed / 3 bath, over an acre of land. Looks very dated.
Any insights / suggestions would be greatly appreciated :)