GMAC Short Sale
Hello Board
I am puzzled about a Short Sale with GMAC they said they do not do short sales on the first only seconds. In all actuality both first and second are with this company and I am in New York, so I am told that in most states purchase money seconds die upon foreclosure filings. Please any advice from people having dealt with GMAC is appreciated.
Thanks
maybe you misunderstood them? or maybe you should speak to someone else at GMAC?
If the seller is currently "upside down" meaning he owes more than its worth then of course he is eager to sell to you for that much. All that does is put you upsided down. You want to buy the prop for LESS than full market value so that you can make money not take on the sellers problems.
First, preforeclosure or foreclosure, does not matter, what does matter is can you make the numbers work for you.
Second, the deal is only a win-win if you can make a profit on the deal. If the comps are low then you will have a difficult time selling for a profit.
I would stay away from this deal unless you can get the bank to SS it.
[addsig]