BiggerPockets

Hi I have a relative in Rockledge Florida who had purchased two (2) houses in pre-construction. They qwere living in an older house at the time and had moved into one of the newer home with the intention of selling the older house and the other newer house.

Problem is, they couldn't find a buyer for what they were asking for at the time. Now, they need to unload two ot the properties, whether the two newer properties and moved backed to the older house or stay in the house they currently lived in and sell the other two houses.

I sorry if this is taking too long to get to the point. The older house is being rented and the tenant is about to move out at the end of the month (September or October the latest), The other house is lease and the rent is NOT covering the Mortgage payment.

They can't afford the payments on the leased house (approx. $3,000.00/month). They have missed a few payment and think the bank maybe moving to Foreclosed on this property.

Here is the info on the house they want to sell ASAP and some of the details in the MLS.

"Desperate to sell". Asking $330,000. Bank will consider short sale or most reasonable offer.

4Br/3Ba pool home located in Deed Restricted Subdivision in Brevard county FL. 2600 swq ft,3car/RV/boat garage
Built in 2005,partially tiled upgraded 42ins cabinets and applinces. Community pool and clubhouse,desirable
school district.Close to beaches, Kennedy Space Center and Disney World.

See, I am new at this Real Estae Investing, and I would prefer to do "Wholesaleing" as my niche by finding properties and "Flipping" to more seasoned Investors. Would this be considered unethical, seeing these "Seller" are my (in-laws) relatives?.

Thanks.

Wheatie;

Thanks, that is why I came here to get tips and answers. Like I said, i am new to this REI and the forum is where I thought I'll get some valuable tips from all the seasoned investors.

My family member said they are sure the bank would take less than what is owed. Their RE agent obviously can't find a buyer and time is running out on these folks.

In my opinion, I think this would be a very bad deal for any investors, but nevertheless I just want to here it in the forum.

Thanks for you reply.

Yes, but ideally the would like to sell two.