Property in Preforeclosure with lots of EQUITY!

[Account Closed]

We been in contact with OptionOne Mortgage on a property that is in PreForeclosure , they are mortgaging for 283k with arrears.

The property is in a good neighborhood but the property is run down and lots of junk in, on, and around the property.

The Comps for the neighborhood is 455k-510k
These Comps are in saleable condition though. Our property is a 1929 Junker.

The Seller is very motivated and would agree to sale with minimal profit to himself

I was considering trying to assign the property to a builder for 25k or Trying to Short Sale it also...if possible?

Any & all input will be great Thanks Everyone!

[Eric Foster]

An investor buying it wholesale will do the same “quick math” and come back with a quick "No" as their answer...

Rework the numbers… i.e. Offer less, reduce costs to rehab, sell to end user, etc