Recommendation for a house that maybe foreclosed
I know family members wherein they haven't paid their mortgage loans for few months maybe 9 months now so maybe they might loss their house for foreclosure. I think they owe over 100k and maybe the value of the house might be $150k to $180k based on Trulia and another website I cannot remember but it needs lots of repairs such as new roofing, plumming, etc.
I am thinking that my hubby and I can do something about it as our first deal but my hubby said that it might cost alot to fix it that paying off mortgage plus repair cost might end up more than the value of the house so not worth either selling or renting it out.
Any recommendation on what route the best we can go whether just to let it be foreclosed or my hubby and I can sell it in order to pay off mortgages plus have extra money, but just curious what can we do? I just hate seeing it to be foreclosed because I know there might be hidden potential to earn money even how much repairs needed but I might be wrong.
Any idea how much it might cost to fix plumming, roof, etc for 1337sq ft single family home with 3 bedrooms and 1 bathroom?
We are totally newbies with no money to start with so we need recommendations on what possible and best way to do it? Any help is truly appreciated. Thanks so much.