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Need help with a deal!!!


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#1 efete

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Posted 06 July 2009 - 07:08 PM

Hi all;
Jonathan Rexford, MC, or anyone else with some experience: I need some assistance to help out a homeowner in need. I would obviously give most of any profits to you; I would love to simply learn from the jedi masters out there!
A seller contacted me who needs help and is desperate. She is here in Columbus, OH. House listed for 150K, comps closer to 130 or maybe more (haven't done a detailed analysis yet) and she owes 138. The house was occupied to a lady who took it on a land contract but has moved out and hasn't paid the owner (the seller) for over 4-5 months. The house is in danger of being foreclosed on b/c of that. She owes roughly 7-8K. Payment is $1400/month.
I suspect she needs to speak with the bank to negotiate a short sale but I have no experience with this. A sub 2 is a possibility but she is quite behind and there is no equity. Perhaps having her pay part of the payment for a while would be a possibility.
I would be happy to turn this over and watch the deal unfold to learn how to deal with this. I would like to help her out. If anyone wants to take this on please let me know ASAP. Thanks!

Eric
Eric

#2 MichaelC

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Posted 07 July 2009 - 06:58 AM

As you already know, there isn't much here to work with. At best, it appears the homeowner has zero equity. At worst, she is upside down. Eliminates a lot of options, other than a short sale. Personally, I hate short sales. Too much bureaucracy to deal with. Shoot Rexford a line. He might be able to help.




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