Help

2 Replies

I have my first lead call in yesterday. 

The seller has a $55k mortgage, wants $8k to make a down payment on another house. The house has an ARV of $80k and needs about $10k in work. I want to wholesale this house. I know there's little room with these numbers. I was thinking this could be a short sale.

What can be the best way to structure this deal?

If it is a short sale, what guarantees does the seller have that the payments will be made on time?

@Jose Rubio

I believe you may be a little confused as to what a short sale is.

A short sale is when the bank agrees to let the seller sell the home for less than what they owe the bank. They are selling it short of what they owe.

IE seller owes 55k and the bank lets them sell for 40k.

Originally posted by @James Wise :

@Jose Rubio

I believe you may be a little confused as to what a short sale is.

A short sale is when the bank agrees to let the seller sell the home for less than what they owe the bank. They are selling it short of what they owe.

IE seller owes 55k and the bank lets them sell for 40k.

 I should have proofread before I posted. What I meant to say is subject- to

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.