Short Sale/Subject To Deal

9 Replies

Hi, new here on Bigger Pockets.com. I am looking for someone interested in a JV deal with me. Here are the details.

I have a seller in the Richmond, VA area has 2 properties that are in pre-foreclosure at this time.

Seller owes 55K in mortgage payments.

Assessed retail value is $188K

Current Equity is $122K

4 Bdrm 

2 Full Baths

1965 sq ft

Single Family

Built in 1958

Thank You,

Clinton

Clinton,

What is he looking for?

Will he sell them for the mtg balance?

I'd be interested with more info.

can you message me with more info?

Sounds good please contact me and lets talk.

Thanks,

What does "seller owes 55k in mortgage payments" mean....that many  Payments behind, plus the balance, or the total balance owed?

Why are you saying short sale, if you say there is equity?

Do you Know the total balances owed?

Find the real value, not "accessed retail".

I'm sensing a rabbit hole.

Clinton,

I would be happy to talk to you. Please message or call me. 

Hello everyone, 

I apologize for the delay and the previous numbers here are the correct numbers for this property. Is anyone interested in a JV deal.

Location: Richmond, VA close by Stoney Point Mall.

Owner would like to sell property soon to avoid Foreclosure. See below

ARV based on comps = $210,860

(A) type property district

Needs minor TLC, no major issues known.

3 bd

2 ba

1965 sq ft.

Garage

Cooling: Central

Forced Air/Heating

Gas Stove.

(A) type neighborhood.

Built in 1958, purchased by present owner in 1995 for $95K, has currently $122K in equity.

Mortgage lender is Midland Mortgage...unknown of balanced owed.

This post has been removed.

If you don't know the loan balance(s), you can't possibly know the equity.

Are taxes up to date?  I think you would also need to know the loan balance for sure.  I am interested as well but I'm long distance (for now) so that puts me at a disadvantage...

That area is booming.  Is it in Godwin's attendance zone?  That is the best high school in the area (in my opinion.)

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