My real estate broker/partner has a hot deal, or so he says.
Property with a $200+K mortgage, recently appraised at $180K, going into default. He believes I can pick up the property for $45K, he believes he can sell it quickly for $125K to $145K.
I've never messed around with short sales, sheriff sales, foreclosure sales, etc. But I question the ability to flip the property quickly, even below market, in this economy. Anyone doing this now and any downsides to it other than potentially sitting on the property for several months?
Property with a $200+K mortgage, recently appraised at $180K, going into default. He believes I can pick up the property for $45K, he believes he can sell it quickly for $125K to $145K.
I've never messed around with short sales, sheriff sales, foreclosure sales, etc. But I question the ability to flip the property quickly, even below market, in this economy. Anyone doing this now and any downsides to it other than potentially sitting on the property for several months?