Updated about 16 years ago on . Most recent reply
Possible Wholesale
A lead came through my webstie today that is a little bit out of my league and I was wondering if I could get some feedback to hopefully help these people in their situation.
The place used to be an assisted living facility and has been rented out as a small apartment place recently. Its a 4000sq ft house. With full wheelchair access, 10 bedrooms, 4 bathrooms, and commercial grade kitchen. Recently the family that was renting moved out and now the owners are stuck with the payments and cant afford it. It could EASILY be returned to an assisted living facility if someone wanted to.
The assesed value is around 370,000 and they owe 250,000 on their first and only mortgage. Given the situation they would gladly accept what they owe to get out. Although the owner and I did not talk in depth about buying subject-to, I am fairly confident that they would accept to get them out of it.
I typically play in the SFH 2500 sq ft and less range, so most of my buyers are not interested. If anyone could offer any advice on how I could handle this situation I would appreciate it. At first glance it doesnt look possible.
Thank you!