Today, my partner and I met up with a desperate seller who called about one of our "WE BUY HOMES" ads for wholesaling.....The situation did NOT turn out the way we thought it would. She did not want us to come to the property because she was embarrassed of the mess she had and she wanted to clean up before we looked at the house. So we met up at a local McDonalds to get some info.
Turns out she still owed 73000 on a mortgage lien and 3200 in back taxes. The entire roof needs to be replaced which she had an estimate of 8000 on and the basement flooded.
Her mortgage has been transferred back and forth between two companies and now either of them will accept mortgage payments for her because they both claim they dont have her mortgage. she was told (cant remember by who, I think it was a judge or something) that she should wait to take any action until the state notifies her to do so.
Heres the real catch, she doesnt want to sell her home. Instead she wants us to buy the property to get rid of the mortgage and back taxes and then sell it back to her. My partner and I mentioned the possibility of a lease option, but thats not what she wants. She does not want to lease at all. She made it sound like she basically wants to swing the money around and when we buy it to get rid of the mortgage and back taxes she would buy it back with the same money. Dont know if thats possible or not
We scheduled to meet up with her tomorrow to look at the place because we told her we really cant do anything unless we see the inside.
Not only that, but she feels like shes really short on time and needs us to come up with a decision by this weekend. Which there is no way we can do that.
We have NO IDEA where to begin with this one. All we wanted to do was get a quick wholesale and its become a much bigger problem than that. And we know that this business is about creating win/win situations, so we dont wanna be so quick to give up on her. What should we do?
