First Short Sale Deal---Calling U Out SSPRO!
ARV-$150k
1st- $50k
2nd- $15k
Judgment-$25k down to $12k
The owners were coopertive but now will not cooperate and I have done alot of leg work one this one. The 2nd mort has agreed to short from $39k to $15k. What is my best strategy? The owners are clear across the country and are elderly....both mortgages are in the process of foreclosing. Should I do a quit claim or purchase contract? I think the owner feels I am trying to take advantage of her although she was about to lose the property anyway. She keeps saying she is waiting....for what??? What do I do? Please...this first one is for me to O/O.....cash out refi and hit it hard in REI. HELP!!
You will need to have an agreement with the Seller.
What is the property's as-is, fair market value?
What does the Seller want?
What do you want? What can you do? Can you purchase and bring in your own financing?
Why haven't you entered into a contract to purchase?
Do you have the second's "approval" in writing?
Do you have the judgment's satisfaction agreement in writing?
In real estate law 101 it's been said that "whatever isn't written is rotten!"
Thanks SSPRO!
I would imagine FMV is $100k as-is.
I am in the process of finding out what the seller wants...because b4 it was not likely the seller could get anything until the shorts and judgment discounts.
I want to live in the house and rehab it myself, refi, get cash out and do another one(I know everyone says you don't need money out of pocket but it helps).
This couple resides in the state of Washington and I am in Louisiana and the have no fax machine and have hit hard times. I have emailed a PC and no response? I think she doesn't want the hassle of closing...so QC would be better....can I use conventional financing to purchase it from myself after a QC or what should I do? Anyone who would continue to pursue this? Thanks.
The money has to come from somewhere... so first thing is that I would get preapproved for a mortgage loan predicated upon the home's as-is value. Or, if there are any FHA approved mortgage brokers who offer the 203K, try for that.
If you want me to walk you thru this deal... perhaps it's best if you PM me.
(I'm going to suggest that you purchase the printed, soft cover version of A Short Sale Primer which includes an hour of E-Consulting)
If the deal warrants it, a cheap plane ticket to get everything taken care of is well worth the money.
Thanks for the responses.....I am preapproved for a mortgage and a cheap flight is not out of question ......however here is an interesting twist: Update!!!
The 2nd mortgage proposed that I buy the note outright as an option...can I agree to this and pay for it at closing to get cash out? I want to have it assigned to me for the $15k and collect the full payoff $39k at closing..pay off the 2nd's assignment consideration and have $24k left for repairs...is this legal?? I would be the noteholder. Can/Should I do it with the discounted judgment or the discounted 2nd?? The max 6% concession of my lender is not enough for repairs and CCs and I don't want to do an "escrow holdback". I have never thought of this as a way for cashback. Hmmmmmm......
Thanks 2 u all!!!! [ Edited by The_Apprentice on Date 03/20/2004 ]
Is this legal?? Any WAG will do?
Back TTT
I am interested in how this one turns out. I am just to new to answer the questions and this has some pretty good content.