Buying a Deed From Someone in Foreclosure
A wholesaler called me this week. He had a deed for sale, where the owner of a 2F is being foreclosed on. The ARV is 435K, the bank is owed 300K, but would short sale for 180K. The house needs 40k in repairs. The woman wanted 10K to sell the deed. She has no interest in doing the short sale. She just want 10K and she'll disappear, But she will sign a power of attorney. The wholesaler is looking for 5K.
I past on the deal. I thought there may be something unethical about this. I also, couldn't figure out how to make this deal work.
Another, local investor looked at the deal and ask the wholesaler for the mortgage statement. The other investor immediately jump on the deal. This other investor is a fairly ethical man. Hes about 60 years old and has a lot of experience.
What does he know??
