Mortgage Note in Alabama. Need assistance
Hi BP,
I'm a relatively new wholesaler (started about 1 1/2 ago) and get leads from other parts of the country sometimes. One came in the other day from Birmingham, AL and I have an idea how to handle it but want some recommendations. The situation is that he did owner financing on a commercial property with a buyer who stopped making payments in Dec 2013 but stated the buyer has the deed. He is moving forward with foreclosing on buyer but is unfamiliar with the process and is in Arizona. He also hasn't heard from the tenant since December 2013. He did find out that buyer removed everything from the commercial property (it was a plumbing business). The seller mainly wants to unload the property now without going thru all the hassle.
Property info:
2 condo's on top of a commercial building. Each condo is around 1,600 sq ft each and the total square footage for entire building including commercial side is 6,400 sq ft. The inside condition is unknown. Located in Jefferson county in Birmingham, Alabama.
I normally wouldn't waste too much time on an out of state deal where the inside condition is unknown, however he is extremely motivated and seems like a deep discount. I'm really cautious with these but don't throw leads away. If there is anyone who specializes in these type of deals, please message, respond, or call. Also if you are in the local area and knowledgeable, please respond also. Thanks!
Please note: I have never done deal like this and am not trying to necessarily become a guru, but just want to get some understanding, close this one ASAP, and/or possible partner with somebody local on it.