Updated about 7 years ago on . Most recent reply
Wholesale Foreclosure with no equity
Hi Everyone! I am new to real estate investing and I have jumped into wholesaling. I sent out my first set of mailers a week ago and received my first call! The seller is very motivated and he wants to save his credit from a foreclosure. I need some advice on possible options.
Here is some of the information about the property and his issue:
ARV: 150,000
Rents for 1450
Minor Repairs (cosmetic)
He owes 23,000 to bring the mortgage current
They will auction the property 5/10/18
Original Loan amount 132,000
Bank is asking for 145,000 due to fees tacked on
Can someone please advise on what possible options I have for the seller? Thank you in advance for any advice!
Most Popular Reply
This is the second reference to seller financing on an upside-down asset I've seen today.
This owner can't afford the mortgage and is about to lose the home. They probably couldn't loan anybody $20 right now.
- Tom Gimer
