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Foreclosures

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VAUGHN BLACK
  • Harrisburg, PA
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Potential Subject 2 Deal ( is this a good deal?)

VAUGHN BLACK
  • Harrisburg, PA
Posted Jun 22 2019, 19:02

Hi BP! I've been reading and watching investing pod cast on and off over the last couple of years and finally I'm ready to take some action. 

I found a home owner that is currently in the foreclosure process in PA. Her husband passed away just over a year ago and the mortgage had not been paid since just before his passing. She moved out of the home but all of her husbands things were left behind. She has no means of making payments and was advised by her attorney to just let the back take the property. Please let me know if this sounds like a good deal.

Is this a good structure.

- ARV is 137k - Needs $15k in repairs (the home was built in 1975 and had not been updated)

- the home owner owes about $90k after added fees as reflected in a notice she received earlier this week.

- Mortgage - Payments were $560 in the past.

I would like to take the property over using Sub-2 then possibly  update then us as a rental or sell as is to a whole seller. 

I offered her her $5K to part with property

Is this the correct strategy to use? Any suggestions would be appreciated.

Thanks in advance for your time and support!

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