Updated over 8 years ago on . Most recent reply
Help my Pre Foreclosure Deal!!!
Hi My name is Mike. I'm a New investor in the Atlanta and surrounding areas. I had a owner who has called me from a probate lead. The previous owner was a flight attendant and was barely home so the property is in Excellent condition and I mean Like new. But it has 30 days until it's foreclosed. It's a 4bd 2 ba and it's in a nice community. it rents for 1,400 ARV is 175k they still owe 135k and 8k in unpaid rent. Can someone give me some exit strategies, advice, etc any kind of help i would be greatly appreciated.
Most Popular Reply
What is the home worth in it's current condition AS-IS? Sounds like this may be a short sale if they owe 135K and the ARV is 175k. You are stating the owner is owed 8,000 in rent? That will make very little difference to the transaction. If the homeowner wants to avoid foreclosure and wants to sell there's potentially an opportunity here.