Help!

[Kevin Raye]

I have a property where the owner owes about 40k on the property and 9k in back taxes. There is a tax deed sale set for October 18, 2012. Recent sales in the area average out to 100k. The owner just wants out of this situation. Since their is a tax sales approaching, can I negotiate with the bank on price, find a buyer and wholesale it before the tax sale? Is the owner still on the hook for the mortgage when the house is sold? Any input is appreciated!

[Andrew Massaro]

Why assign it for $5k? Contract on it for $50k, let the seller walk away with a grand and then double-close with your buyer for as much as you can flip it for... $65k or so. It's going to need some repair/upgrade and there are other fees and costs involved. But, you should be able to make at least $10k on the flip... maybe more.