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I have a friend at work who moved into a 4bd 2.5ba house 4 months ago. He was just informed that the owner can not make the mortgage payments and will be selling the house. I would love to help out my friends but it also looks like a good deal. I was hoping to go the seller financing route but the house was listed yesterday and it is a short sale. I don’t really know if there is anything I can do since it is a short sale. I like Jack’s idea of never promising to pay anyone and I am not really in a good position to take out a loan for a house. Is there anything that I can do with this house? Thanks for your help.
Eric
If it were me I would find out more about the status of the property. your friend can probably get you a sit down with the homeowner. You can find out how far behind is the homeowner on payments, what is the mortgage balance, what is the property worth. Wouldn’t need to be a long meeting.
It just feels to me that you need more information to make informed conclusions about this home.
Good luck!
If it’s a short sale then that means they owe more than the house is worth. The only thing you could do is write a contract to buy it “short” then work on finding someone who will buy it from you before you have to close.
Short sales have a lot of moving parts and only about 1/2 of them work out.
There’s a cashflow member in Detroit who does a LOT of these. He would partner on it with you if you want. He’s have to get the contract though. Then give you an option. let me know
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