I've got a seller here in the Birmingham area that has two properties she is trying to sell quickly. There is a quitclaim deed on each to both of these properties where a 'foreclosure investor' gave the seller $30K to keep from the properties being foreclosed on and she did a quitclaim deed to the investor. There is also a divorce that started this whole foreclosure process as well.
Property #1 ARV is about $320-330K, and needs about $10-15K of work (per contractor that she had out to the property). She owes about $250K mortgage on this property.
Property #2 ARV is about $280K but it's a lake house so the comps are harder to nail down. She owes $180K on that property, and about the same amount of work in it $10-15K.
I'm sure she wants to sell both and get out of the house with her ex but want to make sure a deal is there to flip/whole-flip. I'm not sure if private money that we have in place would go for this large of an investment ~$500K
@Jamie O'Brien let me know if I'm missing something on the narrative.
If she already quit claimed the properties away, she no longer owns them and has nothing to sell.....what the heck are we talking about here?
@Wayne Brooks That's a great question!!! She is trying to sell it via a realtor for the last 6 months with no luck. I'm not sure what is the incentive is for the 'owner' if she doesn't have any interest in it any longer. It's quite a weird one and my title attorney doesn't understand either. I know, as an investor, we have to become creative to help people out of their properties but I don't feel these are properties she owns.
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