Motivated seller in pre-foreclosure
Hello BP friends, I have a motivated seller who is in pre-foreclosure status. The seller has an outstanding balance of $18k. Total outstanding principal balance is $194k at 6.87% IR. The house is located in Little Rock AR. w/1,477 sq ft/ 3bds/2ba. Based on the numbers, ARV - ($209K x .70) - 15k(light repairs) / $146,3k - 15k = $131,3 MAO. Is this a good wholesale deal? If not, what about a novation or other creative strategies might you suggest?