The wholesaler is trying to make a quick buck and is acting as a middleman to get a piece of the buyer's money.

Hey there - I am in Bucks, right near you!

April your friend is buying time.They will have no motivation to sell to anyone after the BK filing.Until the filing their back was against the wall.Now they can breathe a sigh of collective relief for a few months at least.When you file typically most do a chapter 13.You have go through a meeting of the creditors along with a conformation hearing down the road where the plan is approved.Lower payments do not really happen in a 13.A chapter 13 usually lasts 3 to 5 years on the repayment plan.The trustee payments and attorney payments are front loaded before the creditors so they get paid first as they know most cases will get dismissed.With reduced payments on the mortgage you are talking about a forbearance plan with the banks loss mitigation department or a permanent loan mod.If someone has crap credit already they might could care less and file BK.They can get many,many months of free mortgage this way.If you don't make the regular payment the lender will file for a "relief of automatic stay" and if you don't make the BK payment the trustee will file a motion to dismiss.Since you are creating an additional payment for the back payments owed on the mortgage plus any other creditors included you are not doing anything.If your friend owes a ton of other debt as well a chapter 7 might be best.In a chapter 13 your credit is frozen in the crapper for the term of the plan 3 to 5 years.In a chapter 7 you are immediately liquidated and can build credit back much faster.Attorneys want that money.Many in my area will file chapter 13 to get started for 75 bucks!

loc, to me the seller is done with the property....3 units are vacant, and the 4th is in nasty disrepair..i would think this seller doesn't want anything else to do with this property and has no desire to take the time to evict her...you can probably get a better deal by taking this hassle as your responsiblity...the seller doesn't have to do anything else, which makes your offer much more attractive...she is surely violating some form of the lease so you could evict...if not, you said she was month to month so give her notice...i like mitch's idea of giving her a few bucks to speed her up..i've done that a few times (albeit with mixed results)...either way, i think your best bet is to handle it yourself...good luck!

Granted, it's not glorious work, but in the end it will save me a few bucks on the worker's hourly wages.

the above posts are spot on...it's all about fear...like marc, i was in college, and figured, what the hell...if i lose everything i could always go back to bartending...luckily i haven't had to yet, but i would if i had to..used to meet a lot of cute girls that way :wink: i guess it gets harder as you age, get married, have children and need more financial security..i could live on 500 bucks a month if i had to, so that helped alleviate some fears as well

In the last two decades that I've owned property within an HOA, I've only seen the dues go down ONCE, and that was last year on our primary residence, and it was only a few bucks a quarter, but it did go down instead of up.

james, let me know if the one buyer for your open house works out...i've never had a qualified buyer come thru those things..they always say they want to buy it, and after meeting with my banker, he'll call me and say it's a no go....hopefully your experience is different, but i definitely encourage you to put it on the MLS..if nothing else, just pay the flat fee which is just a few hundred bucks...you're missing out on potential buyers today already!

I was hoping to save a couple hundred bucks but I better call him again.

If I am to receive 10K in one year, that is more useful to me as an investor than receiving 2,500 quarterly, how am I going to use 2,500 bucks as an investor?