I ran into a friend the other day who confided in me that her family is about to lose their house. She is trying to get some paperwork finished, but her house is due to auction in 10 days. I have a couple questions
1) Is it too late to try to do something to get the house?
2) Is it worth trying to get? The market value is around 260k, the owed amount is 228k. I have been in the house and it is in reasonable shape... merely cosmetic. While the equity is a huge plus, based on the amount owed, it would probably not cash flow if we rent and hold (assuming it was financed in any way). I believe rent in her neighborhood for the size house 4/2 would be 1300-1500/month. Maybe it would be a wiser flip?
3) What options do we have if we can still try to get the house? How can we work something out and with who? In situations like this is all cash necessary? Financing? We are running out time, I'm sure.
This is not something I have ever encountered, but I saw a possible opportunity, so I didn't want it to go by without at least asking for some advice. Thank you in advance!
There are a few things you need to know...
But YES, you do have time albeit you must work FAST though and I am sure there is someone in your area on here who may even work the deal with you!
But you need to get in contact with the bank and their attorneys to determine the past due amount to halt the foreclosure and the payoff amount so that you now know exactly what you need to gain control of the foreclosure.
You need a signed Option or Purchase agreement as well and I would definitely be looking to wholesale by contacting some Top Producing agents in the area and seeing what retail buyers they have looking in that area who would be interested in buying a nice home As/Is/.
If not with an agent you could also blast or co-wholesale to the investors in your area! Ultimately you want to get going talking to the bank ASAP and figure the rest out as you read on here and move through the process!
Thank you @Tyron McDaniel. I really appreciate you taking the time to respond... I will get going, now that I know what direction to go.
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