Seller facing forclosure 3 bed 2 bath Latrobe/Unity Township
Hey guys I'm looking for a suggestion on my latest lead.
I had a seller contact through one of my ads on Craigslist. They have a 3 bed, 2 bath, 2 car garage, 1300 square foot home in Latrobe/Unity Township. The retail value of the home is $200k and the outstanding principal on the mortgage is $140k. They are facing foreclosure and said that they are 4 months behind on their mortgage. They also mentioned that they are behind in taxes but have not disclosed that amount yet.
I have been marketing primarily to wholesale deals, but this is a middle income neighborhood. I'm looking for some advice on what exit strategy I should use for this deal. I'm interested in Lease Option but I need capital to get my business up and running so I'm looking to turn the property around immediately for a profit.
Looking for some advice from an experienced investor in the area!!!!