Local Investor Needs help with a potential Subject to Deal
I had a lead contact me this morning and she is interested in selling her property but the problem is she has two liens and an outstanding loan balance of about 58,000 dollars. The property is currently vacant and not in rent ready condition let alone market condition, it's going to need about 10k in repairs. I really want to help the seller out, she is elderly and she doesn't have the money to pay off the liens or the money to do the repairs. So here is my break down..
The seller wants 5k to walk away
Lien 1 10k
Lien 2 2k
Repairs are about 10k
Loan Balance 58k
The property Rents for $1100
Mortgage Payments $442
Arv 95 - 100k
I was thinking that I could work out a subject to deal but the only way that I see this working out is if I can get the leans dropped or negotiated down and get the seller to walk away from it for nothing. Any thoughts from any investors in BP land?