Wholesale or Sub 2?

[Daniel Fisher]

I have a seller in desperate need to sell in higher end development. Property is headed to auction with a 237k judgement. ARV is 325k and updating costs at 30k. Suggestions and debates are welcome.

[Ned Carey]

If the property already has a 273K judgement I don't see how the seller can sell cheaply enough to make it a deal unless the judgement holder will accept a short payoff.

Is the seller willing to walk away with nothing? If so the best option may be to ink a deal with the seller subject to being able to negotiate a deal acceptable to you with the judgement holder.

If the seller is expecting anything out of the deal, he (or she) is being unrealistic. In which case your best option may be to go directly to the judgement holder and buy their judgement for a price that makes sense and then take the property via the judgment. The property appears to be upside down so the judgment holder may have reason to negotiate.

Good luck - Ned