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
Since he is that far behind, he may be a candidate for a short sale. Contact a real estate agent who has experience in short sales, since the bank will require one anyway. Buyer beware, it may take months and may not even go through.
"What should he do ? I want to help him solve this problem but I don't want to inherit his problem as well."
You've answered your own question. Unless you're his wealthy relative, it's time to move on and find a deal.
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