Newbie needs help with time sensitive cash deal

[Staci B.]

Hi everyone! 

Long time lurker and first time poster here.  I spent some time researching about wholesaling a while back, and it seemed like something I wasn't ready to jump into at the time.  An opportunity is presenting itself right now though, and I forget so much of what I learned.  I need some help from the pros!

My mother's neighbor is losing her house for some reason.  She doesn't know why exactly, but the other day she saw her cleaning out the place and she told her that she lost the house and the guy buying it "cash" gave her 48 hours to get everything out.  It's since been 4 days and the guy hasn't showed up.  I asked my mother to find out what he was offering her, how much she owed on the mortgage, and if there were any liens.  She's trying to get in touch with her as we speak but I can see her property tax is up to date, and know the wholesaler offered her $4k.  The house is worth about $70k as is, in great shape.

My question is, if I find out she doesn't owe much on the mortgage, and offer her more- what is the next step?  This woman already cleaned out her home of over 30 years and I know needs the money ASAP.  I would of course pay cash for this deal, and probably try and sell it retail or rent it out.  

What's the next step to a) make sure she doesn't owe a million things on the property, b) get her money as soon as possible since this poor woman has already thrown away all her belongings, and c) secure ownership of the property.

All help is greatly appreciated! 

[Sean Krause]

Yes have your attorney/lawyer draft up a P&S agreement (Purchase and sale) and have the neighbor sign it if you know there isn't another one in place. Yours will become void if there is already one in place. I would personally just go over to the house and talk to her face to face figure out what kind of problems she is having. If you can solve her problems better then the other guy then you will be in a better position. so 1) put the house under contract if there isn't already one. 2) Do your due diligence. You got this!