All Forum Posts by: Dylan Grieve

Hi William- welcome to bigger pockets!

Thanks Phil!

Hmm, good points, and more information to find out. The term "you don't know what you don't know" applies to me in this situation- haha; good thing you're here. 

Wow, thanks for this information- you know your stuff. I'll check into those things you mentioned. There's a rehabber who I think would be very interested in this for the right price, and I like the sound of that note-buying strategy. Very cool- thanks. 

on the tax records it says her mother's name, c/o daughter. 

Hmm, that's a good question; I'm going to ask her that when I follow up- thanks. 

Thanks for the responses. @Account Closed , I think the current market value is probably 25-30k max. 

First off, let me say thanks to everyone on here who has interacted/answered questions so far; I think I've vastly underused this resource. 

Anyway, I went to look at an inherited property that could have made a great deal. ARV is about 110k, and it needs a complete gut rehab.

Here's the issue: The home belonged to the wife's mother, and the wife inherited it. Before her mother passed away, the wife's sister got her mother to take out a HELOC for the sister. The sister spent it all and never paid it.

It gets juicier. 

The sister dies, and now I guess there's a lien on the house b/c of the unpaid HELOC, which is around 50k.

I had offered her 20k, but there's the HELOC issue...

So, (and I apologize if this seems like a stupid question) can a short-sale be done in this situation? 

Thanks,

Dylan

@Mike G. - excellent advice. I was very tired that day, and as a new person, didn't really know what to say, but chalked up to a good learning experience. I'll have to make sure I've always got business cards on me from now on.

Agreed.