1st Call from CL AD, sound like a subject to or walk away
I got a phone call today, this guy saw my CL ad about buying houses and he want to sell me his house. From what information I got him from he bought it for 195k, he owe 184k, there is no repairs needed, he's 4 months behind and trying to move. The value for this house is around 210k-220k (the highest). My first impression is that there is not a lot of equity and he doesn't have money because he's 4 months behind. There's really no way I can help this guy unless I want to pay his 4 months and take over this 184k loan, and then rent it out for more then the loan amount. I can't sell it because I would have to pay closing cost and commission which will bring me back to 190k. I can offer a lower price but that won't help him. What do guys think is the best thing for this guy? What should he do ? I want to help him solve this problem but I don't want to inherit his problem as well. Thanks