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I have a subject to that I took over back in 2002, the owner left the Country and won’t return. I had a lease option but the renter has not paid for 4 months and is under eviction. The LB is $150 K, needs about 8 K in updates, ARV 170 K, the current piti is $1610 and will rent between $1450-$1600, very good area and schools.
Please share your ideas as to what are my options, one is to let it go back to the lender.Al,
You don’t want to let it go back to the lender. That will ruin the previous seller’s credit and they may come after you with a lawsuit when they find out.
Try to sell the house with seller financing AS IS. Make sure the buyer has some skin in the game ( good down payment) and charge enough so the house will cash flow at least a little. Selling with seller financing will often produce more cash flow than a rental.
Using a highest bidder sale to sell with seller financing for the maximum down payment would be the ideal way to get this house sold FAST.
Do NOT, repeat, DO NOT, let the buyers make payments on the loan. They need to pay you, then you pay the underlying loan.
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