What should I do? HELP!!!!! - Posted by Shane

Posted by Chris (WI) on January 08, 2005 at 21:12:05:

Where are you and the property? Do you have the payoff amount from the lender? Are there other liens, taxes, etc.? Can it be brought current for less than the payoff amount and taken sub2? How is the market, how fast can you sell it? What do you want out of it, what do you need to make it happen for you? How can I help?

What should I do? HELP!!! - Posted by Shane

Posted by Shane on January 08, 2005 at 18:28:50:

I just got a house under contract today. It is set to go to foreclosure on the 13th of Jan. The house is worth 150K fixed up. I am an appraiser so I have a good idea from the market data. I have it under contract for 86K. It needs probably 20k of work from my best etimate. I need to close this or wholesale this deal in 3 days or less. The thing is that this house is the only house left on this block that is zoned single family. Every thing else is commercial. Commercial, this thing would probably go for 230-250k. I don’t think anyone would buy this place single family to live in. It would be best to sell commercial. What can I do with this deal? I would normally wholesale this deal, but since I need to close fast and there is so much profit because of the commercial aspect, I am thrown. I know that most investors I work with need atlease 48 hours to close because of title work and everything else. Please help. Thank you.