Updated almost 7 years ago on . Most recent reply
Foreclosure: Trying to help a friend
A long time friend contacted me late last night (Saturday) and asked if I knew how she could get an investor to purchase her dads home before its sold at auction on Monday. I sent it over to my mentor who said he'd ask around and that it may be too late, but also it may not actually sell Monday.
The house is in Lawrenceville, GA. 4bed/2.5bath 3006 sqft. I haven't seen it myself other than a Google Earth search. My friend says her dad is a neat freak and the house is in great condition. It may need a new roof soon, but no other issues. If anyone has a suggestion, knows anyone that invests in that area, or is interested themselves please let me know.
Finanacial info:
Purchase price: $237,300 (2004)
Amount seller owes: $361,768
Principal $265,787.33
Interest $12,000
Taxes & Ins $20,748.29
From tax records it looks like there was a second mortgage taken out in 2012 for $30,996.
Comps in the area range from $175K to $265K