Potential Wholesale Deal Overview

[Robert Burns]

I just came across what could be a good wholesale deal in that I have a very motivated seller and the begininng of some good numbers.
3 BR 1 BA 1,200 Sqft
Estimated ARV: $100,000
Repairs Est: $15,000
Asking: $70,000
Owes: $57,500
Vacant
Owner says she just wants out from under her note and is very anxious to sell as FSBO.
I'm taking my contractor with me on Saturday to inspect the house and get a better repair cost. Do you think a Subject To or standard Wholesale strategy is best in this case? Thanks in Advance for your suggestions.

[Curt Davis]

I dont think a short sale is possible in this situation. First of all I never heard anything about the seller being behind in payments. This is not a short sale situation.

I do think you need to get the home at a better price. If you buy it for her pay off price and it needs that much work you will have a very hard time trying to sell it b/c there is not that much equity in the deal. Depending on the amount of rehab you might be better off looking for another deal.