OfflineI have a place under contract that I knew the numbers were tight on. i have asked questions about my options before but I'm still not sure what to do. the homeowner just wants to walk away. he owes $52 on the property and it needs $12k to be sell-able and the ARV will be around $80k. I talked to several investors in the area and they all passed. they all say if it was 45k it would be a no brainier. I need advise from someone who has used strategies to close deals like this. I'm about out of time on my contract and wanted to know if there is anything I could do. do the banks take short payoffs without going through a short sale? any info would be great. Thanks, Sam
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How much will it rent for? What's the underlying financing? Is he behind on payments? One strategy might be to have him deed the property to you, then sell it on a wrap around as a handyman special to someone who wanted to occupy the property and build some sweat equity.