Creative Ideas to Help Distressed Seller and make a Deal Work

[Shawn Questa]

Hi all,

I am curious what some of the Pros would do to Help a Seller in this situation while making a Deal happen.

I found a 200+ day old MLS Listing where the Agent said the Seller is in Financial Ruin, hasn't Paid the Mortgage in a year, owes about 180k on an approx. 210k House and multiple Buyers have backed out.

I don't know how someone could not Pay their Note in a year and not at least be in Pre-foreclosure. 

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.

I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.

I thought this might be an interesting Case Study.

Thanks for the Ideas.

[Jaycee Greene]

Quote from @Shawn Questa:

Hi all,

I am curious what some of the Pros would do to Help a Seller in this situation while making a Deal happen.

I found a 200+ day old MLS Listing where the Agent said the Seller is in Financial Ruin, hasn't Paid the Mortgage in a year, owes about 180k on an approx. 210k House and multiple Buyers have backed out.

I don't know how someone could not Pay their Note in a year and not at least be in Pre-foreclosure. 

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.

I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.

I thought this might be an interesting Case Study.

Thanks for the Ideas.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX). Good luck.