Seller wants OUT! early pre-foreclosure stages
Need some input on this one
3 Bedroom/1 Bath 1500 sq. feet 2 story
Frame Central A/C approximate lot size 30x80
Loan Info -
Bought house for $122k in 2001
owes $98k on first, no 2nd or other liens
Lender is willing to do a short sale for $80k
I just recently got the info on this deal, I checked out some of the other properties in the area and they range from $90 to $140k.
I wanted to see if these numbers looked ok, this is the second prospect that I've come across since taking the plunge into REI, I just didnt want to get too ahead of myself. I was just thinkin of bird-doggin this out to an investor.
Do it yourself... Sounds like a good deal. Try to obtain a lender that will loan on a subject to value. If so you purchase home get cash out for fix ups and noe you have just bought a home with no Csh out of pocket...Gook Luck
Ventura,
Do you know of lenders who will loan cash out to investor for a purchase, based on value rather than purchase price? I have 5 properties that I will lose unless I find such a lender, all I find is 65-70% LTV or 100% of purchase price in some cases. Neither would allow cash out for repairs
I was thinking that myself, but I just need to find a lender that's willing to do that for me. I live in Dayton, OH the house is located in Piqua, OH
I just found a hard money lender in Ohio that would do 65% of the as repaired value of the house. (includes renovations, closing costs, insurance, assignment fees, broker fees, taxes and Statewide fees)
Some other question that I have is, What are some other costs associated with short sales?
Are the same kind of closing costs associated with short sales as there are with closing on conventional loans?
[ Edited by tj1037 on Date 06/05/2003 ][ Edited by tj1037 on Date 06/05/2003 ]
Allright, allright....
Where is everyone located? I'll try to get you some inf...
clear2close
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Assistant Vice President (Senior Loan Officer) / REI Millionaire Wanna Be
[ Edited by clear2close on Date 06/05/2003 ]