My friend is forclosing on a house

[Sabrina Morgan]

My friend is going through a divorce and their house is about to be foreclosed on.  They aren't speaking and he's still in the house.  She's asking me to buy the house to save their credit and is asking me to talk with her husband to see if he'll sell to me.  However I don't have a down payment for a loan but I do have good credit.  Also I'm not sure if I would buy and immediately sell or flip.  Its a 2800 square foot house that needs some pool work and dry rot but most likely nothing over $20k.  Although it could use some rehab in my opinion.  The house appraised for $850k but I'm assuming in this market would go for $750k or maybe even $700k due to the repairs that need to be done.  The loan amount is $380k and the property taxes due are $20k.  So with closing cost/lender fees and all, I'm assuming about another $30k?  So a total of around $400k? Unfortunately its suppose to go to the courthouse steps in a couple of weeks and I'm sure there will be a bidding war at that point.  If I were to hold it to resell or even try to rehab and sell, houses are sitting on the market for over 100 days and the holding costs would probably be $4k per month.  I need opinions and possibly an investment partner.

[Theresa Harris]

Why don't they just sell the place rather than risking damaging their credit history?  Tell them to have a couple of good realtors go through it and tell them how much they could sell it for and ask how long it would take.  Foreclosures don't happen overnight.