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Updated almost 10 years ago on . Most recent reply

User Stats

14
Posts
1
Votes
Mark Denning
  • Investor
  • North Adams, MA
1
Votes |
14
Posts

Potential Deal or Short Sale advice ???

Mark Denning
  • Investor
  • North Adams, MA
Posted

I'm still new in real estate investing so I'm looking for advice on a potential deal. Luckily my marketing is paying off and I have friends bringing me potential deals. Here is the situation. A seller who wants to get out of her home called me. She has a home equity loan of $56,000 and no other leans on the property. She is only 2 months behind in payments but wants out of the area asap. My first question being that it's only a home equity loan will the bank even consider a short sale? Also this home currently is a 2 story duplex but each unit only has 1 BR. To make it more appealing to potential buyers after the rehab the property should probably be converted to a single family 3 BR, 2 Bath home. The ARV value with comps and the neighborhood should put this home at around $100,000.

With that said any advice on how one should proceed on this potential opportunity ???

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