Comments On A Deal?
Lady called me to look at her home. It's in a bad part of town. She owes $33,460 on home. Tax value is $35,000 which is normally about 80% FMV in that county. Payments are 335 including insurance. She is highly motivated. House needs a lot of work.
Any thoughts?
shows like a good rental prop.........km
Thanks, but only want to get houses that I can sell. Do not want to deal with having to kick people out when they don't pay. Any other suggestions?
Lynn
If that house has 35,000 as 80% of FMV, then houses are retailing for around 43,000 there. If it needs a "lot of work", I'll assume you are talking in the vicinity of 10,000 (carpet and paint alone will probably run you 5000 right away).
I don't see how this deal makes economic sense, unless you were buying and holding this property for long term appreciation.
Try for a 'short sale' with lender. Good luck, Herb FL
Not sure I know enough about short sales to do one. I know there is a lot of paperwork involved. I mean can you actually just get a signed Auth Form and then call the bank and verbally negotiate with them? From what I've read you have to compile pictures, comps, and write a letter about why they should short sale it to you, right?
[addsig]
Every bank is different. Some want the property listed, and proof of it, some don't care. Some want comps, some don't care. The best bet is to get that auth to release form and then call the bank and ask then what they require for a SS. Trust me, just DO it, thats the best way to learn. Even if it doesn't end up working out, practice and experience is key. You will have to get financial info from the seller most likely, W2s, paystubs, etc. so be prepared for that.
Quote:
On 2004-11-27 01:37, theadams5 wrote:
Not sure I know enough about short sales to do one. I know there is a lot of paperwork involved. I mean can you actually just get a signed Auth Form and then call the bank and verbally negotiate with them? From what I've read you have to compile pictures, comps, and write a letter about why they should short sale it to you, right?
Thanks, will try and see what happens.
Will let you know.
[addsig]