Short Sale or Wrap Around/ Subject To

[Johanna R.]

Hi Everyone,

I have a really exciting opportunity with a motivated seller in a really great neighborhood to buy his home.

Heres the low down he’s got a:

35 K Mortgage @ 5.25% for 15 years

15 K Heloc

The comps are all over the place but w/ a 15 -20k rehab my conservative guestimate for what its worth might be 75k.

From what I can see my options are:

Short Sale: Which can take up to 6 months and from what I was told by someone who experience w/ Short Sales is not expect the greatest deal,  I maybe could get it for possibly 42k.

Or Wrap around or Subject To : Id only need 15 -20k of my money into it. And I can see if he could qualify to maybe get a lower or longer mortgage rate.

Ive got no experience w/ Wrap Arounds but for me to have as little of my money in it as possible seems like the sure winner.

I’d love to get any suggestions and thoughts.

Thanks,

johanna