Please Help!!
Hi,
I'm a new investor looking for my first house to flip. I finally have some motivated sellers contacting me trying to sell their house. This latest one has me extremely interested but I do not know how to approach it.
It is a divorce. The husband is moving out at the end of January and the wife(who contacted me) is moving out the first week in February. Coming up very soon!! They cannot afford the loan payments on their own, so they just want out. They are not interested in making any money on it, and they are willing to be as creative as necessary.
Property Info:
Luxury House built in 2001, 2 story, 6 bedrooms+loft, 2.5 baths, 3 car garage
--in great condition
Amount Owed:
1st Mortgage: $669,000 @ $3,500/mo
2nd Mortgage: $160,000 @ $1,350/mo
Total or both Mtgs =$829,000
Estimated Pre-payment penalty: $20,000
Total Payoff: $849,000
Estimated appraisal Value(according to wife's friend): $900,000 to $945,000
First, I would have to verify these amounts as I am only going off what the wife has told me so far. I know, not much equity, but sellers are extremely motivated. Is there anything I can do?? I would love to try to control it if there is a possibility of making money. Please help!!
Thank you