I need some advice on a deal I found in Dallas, the house is a FSBO AS IS
I've talked to the seller and she seems very motivated although a bit cautious. So My question: She owes
128k bank prorated 30 day P/O . She says she is 2months past due on her mortgage. She leased out the house to someone who was to do remodeling and up and left after 6 mons with nothing done, except the carpet ripped out.
She and husband have filed Bankruptcy. My thought was to ask ask the bank for a short sale, would it be too early for that since it isnt listed with a broker? How does her filing BK affect me making a deal that my end buyer would want?
I know that's how Joe Jurke had his first deal done with a bank REO. The sold comps (found a great realtor) average 155,559.00 with price per sqft at 73.17. If I short the sale and offer comps less .65% less another 20k for repairs I would start my offer at about 80k Any thoughts about the banks motivation? Also repairs so far are: Paint full inside, carpet,floors, cabinets in bath and kitchen, windows throughout. She currently has electricity off!
Thanks DG family in advance!
Work'n it Hard
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC