Do I Need A Full Proposal
I have been contacted by a homeowner who is scheduled for auction in 3 weeks (imagine that).
The FMV of the home is about 165,000.00 and the mortgage is about 131,000.00.
I only need to short this one about 15,000.00 to make it work.
Do I need a detailed proposal or would it be better to try to negotiate it out with just an offer.
Cash purchase close immediatly.
Good question.
It is my understanding that it is still quite expensive to proceed,even from this point, with the foreclosure.
If they have to pay a realtor to market the property,plus holding costs plus any repairs it COULD be more appealing to just dump it.
What would be the estimated cost for the bank to continue with the sale from the 3 week out point?
Would the cost of continuing with the sale be enough that they might decide to take a 5 or 6% loss?
Depending upon your state, HOA fees may be a superior lien....but check on the limits. In some states, the superiority extends to 6 months dues, plus legal fees.