Offlinecould any tell me if we can help out these people i had this young couple call me they owe more on the house than it is actually worth they paid 300K on it about 8 years ago and now its only worth in the low 200K can we do anything for them or are they up the creek without a paddle thanks Scott
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Scott,
Seems to me the only option is a short sale. I'm not experienced at all when it comes to short sales, hopefully other people can provide advice on that soon for you.
If its worth say 225k and has zero repairs, and you plan on wholesaling it for a 5k spread, you will want to put a max offer of around 150k.. depending on the numbers. Remember, that's with NO REPAIRS.
I'd wait till you can get some good advice on someone that has done a few successful short sales before jumping on it.
Dominic
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Dominic i kind of figured that was there only option but i did want to give them the work infomation. thanks