OfflineI have an opportunity to lease purchase, buy,assign a house where the sellers are anxious to get out. The mortgage exceeds the value of the house. They have fallen behind 2 payments but have recieved no notice from the bank. They want out and have no plans of paying the notes anymore. The property is not listed either. Should this property even be a concideration for me as a newbie? What would be the best avenue to persue.
Thanks
John
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Do you have the funds to perform on the deal? If you do, then you should have the home owner see if the lender is willing to participate in a short-sale. If you don't have the funds available to take advantage of the deal, then you would need to have an investor that is interested. You could bird dog for him or assign the deal to him. Either way, it appears according to your post since the property is upside down, you will need to look into a short sale. Remember, in a short sale situation if the home owner is not cooperative and willing to participate in the deal, this will go nowhere. I hope that this information helps!
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