First Real Estate investment gone down hill
Hello everyone,
I tried my first investment. Here's the plan:
Buy a house through short sale. (put in an offer)
Used the funds I have to repair the property. (little work needed, had 7 contractors to quote repair cost)
Get a FHA with down payment assistant to purchase the home. (already approved)
Live in the house for the minimum amount of time then sale it.
Here's the down fall"
My Realtor says the house is past redemption.
The bank would rather let the house go into foreclosure to get what is owed which is 78,000.
At the time I put in my offer after running some comps, the house was valued at 45,000. ARV
However since then after running some comps today the house could be valued at 77,340. ARV.
What do you all think?