Short Sale/Subject To Deal

[Clinton Smith]

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

[Wayne Brooks]

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.