I have an individual that is one step from facing bankruptcy. He just offered me his property for what he owes on his existing loan, $72,000. Its a 3BR 1Bath, 2 1/2 car garage, corner lot, privacy deck with hot tub, seperate shed, and nice front deck. Upgrades include, new foundation, all new windows, new laminate flooring, new ceramic tile, and new kitchen cabinets. Prior to the upgrades, approximately 2 years ago it appraised for $78,000. He just wants to pay off his loan ($72,000) and move on. The property is located in a town that only has a population of 1,000.
Not sure what to do since he is close to facing bankruptcy. Short sale? Assign to investor? Take over the loan? Lease option? No clue where to start given his situation. Any adivice would be greatly appreciated?