Property in Preforeclosure with lots of EQUITY!
We been in contact with OptionOne Mortgage on a property that is in PreForeclosure , they are mortgaging for 283k with arrears.
The property is in a good neighborhood but the property is run down and lots of junk in, on, and around the property.
The Comps for the neighborhood is 455k-510k
These Comps are in saleable condition though. Our property is a 1929 Junker.
The Seller is very motivated and would agree to sale with minimal profit to himself
I was considering trying to assign the property to a builder for 25k or Trying to Short Sale it also...if possible?
Any & all input will be great Thanks Everyone!
Most Popular Reply
So lets say you pay $350k... after closing costs you are in at about 360k plus lets use $100k to repair... you are now at $460k...
To get to the point quickly... If you list it for 500k and sold it for that amount... pay a Realtor commission and closing costs again... and pay say 3-6 months of holding costs, mortgage, taxes and insurance... you would lose 10k-15k.
Something has to change... Also need to get exact with the numers...
Guesstimates = No Money...
No money = Bad