Short Sale With End-Buyer in Place
I have a house here in Michigan at the early stages of its 6-month redemption period (was foreclosed on in early March). The bank will actively consider a short-sale. It's a single family house and has an 88 year old woman living in it (she's lived in it since 1970) and hopes to continue doing so for the remainder of her life. It also has an end-buyer in place, an LLC who will buy it on land contract from an investor who gets it in short sale. Some figures: the house foreclosed for $140,000. The BPO is approximately $125,000. Michigan...short sale.... the bank may accept something like $75k. The LLC will buy it for $110k at 7%. If interested, just send me an email. Thanks. Tom