Preforeclosure light was on. - Posted by LeonNC

Posted by LeonNC on May 30, 2001 at 14:07:08:

I’m running out the door to go to work right now so I’m typing fast.

From the phone call…seller has house worth $80k ARV. Needs maybe $3k in repairs. Is six months behind in payments and taxes for a total of around 5k. His loan balance is $53,500. His payments are too high to make me interested in keeping it. I’m not in the keeper mode right now anyhow…nothing’s set in stone.

Is there room to flip this one. It looks slim for a flip but I’m not sure how much I’d be able to sell it to another investor for. I figure if I can sell it at 80% of FMV than it’s slim. Anything above that it gets better. The bank’s only sent nasty grams so far.

Any suggestions how I might flip this one without burying me or the seller?