All Forum Posts by: Kenneth Elliott

My mentor says this is a done deal. I thought I just put it out here to see if anyone say something that I did not see. She does not owe 250K. Her last statement says that she owes 167K. She just has a lot in terms of payments, insurance and property taxes. I did suggest she try for a loan modification and then I may be able to work with her. She has not done that. One other problem. I don't think she is telling me something. She did say that she is in the middle of a bankruptcy. But she says that the house is NOT in the bankruptcy. I don't know if that is true.

Hello everyone. I have just found this site and I have been reading a few of the post. I have enjoyed seeing how others are making real strides in real estate.

This is my deal. I found a property with a motivated seller. The property if a 4 bedroom split level with 2 full bathrooms. One bathroom needs some work. The owner has added new windows, a deck, new vinyl fence brick landscape in front. The problem is that she brought the house for $85000 did a refi and took all the money out of the house to the sum of $165000. She has a monthly payment of 1800 that does not include property taxes and insurance. She just wants to walk away from the property. Of course she want nothing from the property.

Comps in the area show a sale at 210000 last year in 2010. Another comp shows a 180000 sale this year. These are the only two comps in the area over the 168000 mark. I did not research the rental rates in the are b/c I did not see any deal that could be made here.

Can anyone think of anything that could make this a deal. The only thing I could see is if someone would make a short sale with the bank before it goes into foreclosure.