OfflineI Have located a house that has been sitting for 8 months FSBO and by talking to the owner his family moved out of the house and the owner is waiting for the lender to reconstuct the mortgage.has not made a mortgage payment for 8 months,and the owner said if they don't reconstuct the mortgage it will end up as a short sale.Here are the numbers.
Asking 262,000
Mortgage 252,000
ARV 209,000 by web sites
My own research has at 187,000 by local comps.
I want to try a assignment deal but do not know if this is possible for this type of FSBO,Any idea's DG family?
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Dare yourself to fail!
The lender will need to agree to a short sale for you to purchase the property below what the owner owes. You will need to get the property significantly below FMV if you are going to wholesale it. Show the comps to the seller and explain what needs to happen for you to purchase the property.
Good Luck, Al
"NOW GO FIND A DEAL"
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Watch your words; They become actions,
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Robert, It sounds like it is a little up in the air right now. I am really surprised that the lender hasn't start to foreclose yet. You are going to have to buy it under market like Al said. Looks like a trip to the bank to talk. Is it possible to throw some cash in to take over payments, and let him walk away. I don't know just throwing ideas at you. I think a trip to the bank to talk to them is called for. This sounds like an interesting one in the works, just keep us in the loop, best of luck.....Jan
Al and Jan,I was thinking the same.Its so strange to me that the bank has not foreclosed on the property.And again talking to another home owner in the area yesterday they faced the same problem with their home waiting 7 months with out making a mortgage payment until finally the bank reconstructed their loan.Wow this is crazy!Thanks again both of you for taking the time to help me see this property out side the box.
Dare yourself to fail!