So I have been contacted with a home that a couple has listed for 179k for a couple of months and just can’t get rid of. it’s a beautiful home, same condition as when they bought it for 185k in 2016. Their bond for deed buyer backed out (after they moved across country) and they just want help avoiding foreclosure. They owe 151k on the property.
They’d be glad to just be able to walk away owing nothing and receiving nothing. I’m trying to figure out (as a relatively new wholesaler) how I can 1. Help these people avoid foreclosure and 2. Make any kind of profit on the home. Even if it’s $500, I just want to help these people out. They’re very nice people and extremely desperate.
If one of you more experienced people could fill me in on the possibilities associated with this deal, I’d be incredible grateful. The only thing I’ve studied is wholesaling and obviously this isn’t going to be a typical wholesale deal because the profit margins are so low due to owing 151k.
Sounds like a perfect sub-to deal. Either find an experienced sub-to buyer or take the deal yourself. If you have any questions about how sub-to deals work let me know I would be glad to help.
@Jared Garza I haven't done one yet, but it could be a lease option. Type in sandwich lease in the search function.
Thank you both for the suggestions, I’m going to look into it now!