Possible Subject-To????
Hey BP Family,
So I went and looked at my first house today from a small Pre-Foreclosure mailing i did last month. here is the low down
-- The house is 896 sq ft and their is a large, spacious unfinished basement, needs some work on the roof (possibly a new one), refinish hardwood floors, paint, and replace a few doors. Outside needs a new deck and minor landscaping and there is a huge lot of land.
-- She still owes 70k and is asking for 110k, here is where it gets tricky.
-- I am very new so its hard to determine the ARV, but from looking at comps (from Zillow, which might be be up to date) I think it could go for 100-105k.
-- and here is the biggest kicker... she hasn't paid the mortgage in 2.5 years!!! and also hasn't paid any taxes.
-- I knew going into this it would be a tough deal and honestly I just wanted to get familiar with talking to sellers so i went and saw the house.
-- Is there a possible subject-to deal here? Not sure exactly what the terms would be, so I wanted to throw it out into the BP universe and see what options I may have.
-- Thanks