I went to see a property that the son of the owner wants to sell. The owner is his mother and the children are preparing to place her in a nursing home. Once they admit her, the nursing home will take control of the mothers assets. They want to sell the home before this happens. The son has power of attorney and he couldn't show any proof, but says that $81,000 is still owed to the bank on the house and I checked that it was appraised at $92,000 according to the property records. Last 90 day comps are between $96,000- $106,000 via zillow. The mortgage is up to date, no liens, and HOA fees are up to date (so he says). The house was built in 2005 and has only cosmetic damage from what I am aware of which doesn't look anywhere near to $10,000 of repairs. All appliances would be included. Is this deal worth making a offer on since the spread between what is owed to the bank and the ARV will be so tight after an assignment fee? All help would be appreciated.
