3 Short Sales Approved In Tucson AZ
1) Original loan. $135,900 Purchase price 95k
already listed @ $ 139,900 FMV 145-150k Will sell at $125k...Monthly income $850-$950
2) Original loan $150,000 Purchase Price 98,600 FMV 160-165k Listing in a few days will sell for 125k Monthly income $850-$950
3) Original loan. 1st $164,900 2nd $55,900 Purchase price 135k. both loans...
FMV 225-230k Will sell at $170k...Monthly rental income ?
$328,600 is purchase price
$420,000 minimum sales amount.
Good investment?
Would you invest 329k to make a 32,5k return in 60-90days?
If those numbers are correct then I would invest Zero, double up and profit
30k on #1
26,400 on #2
35k on #3
#1 needs to fund by thursday
#2 Going on the market
#3 Going on the market...
Might aswell get all three done at one time!
Those figures seem to represent a good profit on those shortsales. Do you have buyers lined up already?
I like getting good discounts on all my shortsales! if i had more investors i could do a lot more! looking for buyers right now for these propertys..
Have you had a title search done and know that the liens attach? In FL the liens must first be certified and then they only attach for one year. After that they must rerecord them.
Yes I have a Prelim and the liens are recorded against the property, they will get wiped if the property goes to auction,
The goal is to obtain lien wavers from the lienholders so the sale can take place and avoid the auction[ Edited by reweb on Date 04/03/2008 ]
this process varies greatly from state to state. Make sure you understand the process.
Explain to the lienhold that they are going to get wiped out in a couple weeks and something is better than nothing.
You need to research the exact situation and position the lien or subordinate mortgage is in.... Position as 2nd, 3rd, 4th, etc.....who is in front vs liquidation value of the property, etc.
I have earned $18K fron a $25K I lien I bought for $1K.
I have barely broke even on a few.
Each one is different. Negotiate to buy it for a nominal sum, then if you buy it.... max out your advantage...whatever it may be.
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Thanks for the quick reply.
So I am basically looking at 5 months? I doubt highly I will wait that long. I will look for something else by then.
So us faxing over the credit scores means nothing? Why did the sellers agent request that from us so she could fax to the bank?
Thanks again.
We use Merlin Search Systems.
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merlin was one of the few that would offer the service. Other were much more picky about business type, and have an office outside the home.
Your position seems sound, Mama.
Let us know how it turns out, OK?
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