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Updated over 8 years ago on . Most recent reply

User Stats

38
Posts
10
Votes
Graham Nash
  • Investor
  • Gray, GA
10
Votes |
38
Posts

USDA short sale situation

Graham Nash
  • Investor
  • Gray, GA
Posted

BP,

I found a solid little brick house that is vacant. I located the owner through the tax assessors website. She lives out of state. I contacted her through Facebook asked her if she was interested in selling the house. She said she would be glad to talk. We did and it turns out that she doesn't want anything other than payoff for the property. She has fallen behind and just wants it gone. Her mortgage is through a USDA loan, which are pretty common around here. 

My question is this. How would I go about acquiring her note? If I can, is there any way to reduce the amount that she now owes due to late fees? I'm sure she has delinquent property taxes as well. 

She told me she owes $56K now. I think the property could bring $80K with some help. It's brick and was built in 93.

Any advice or thoughts would be greatly appreciated. 

Thanks for reading, 

Graham

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