Short Sell
I have a property that I want to buy. The owner walked away October 2002 and the last mortgage payment was 11/02. The mortgage company has filed an intent to foreclose.
Right now the property sits with roughly $60k in equity. I have contacted the owner and the owner is willing to sell me the property for the current mortgage note of $105k (This includes all fees currently due to the mortgage company-forwhich I have personally spoke too) plus attorney fees for which I am attempting to get an answer to...
My title search shows assoc dues and misc leans..totally about $2,500.
Finally my questions 
do I try and short sell this with the mortgage company or go straight to the owner and buy it? It is a convential loan..not assumable but I can pay cash..money no issue. Homes are selling 3-5 day average in my area..It would cost a company $10k-$15k to prepare for sell..but I can do it for less than $5k..suggestions appreciated..this is my first attempt to buy distressed property's 
What are the comps?
Mike
First of all let me start by saying this house is two doors down from me.....the comps in the area start at $155 and go upt to $300k...but based on the last 5 homes sold (which all are in the last 60 days) hve sold from $155-$169 this house fit right in the middle..$155 is a 3-bedroom no basement..$169k is 4-bedroom no basement and mine would be 3-bedroom with a finished basement with full bathroom in basement....
There is no basis for a short sale. Simply purchase the property from the owner of record.
If this is a condo or diminimus PUD, check to see if there are any deed restrictions regarding it's use as an affordable housing unit. I've seen overanxious purchasers learn that their newly acquired unit cannot be resold at fair market value.
I agree with the short sale pro!
Buy this directly from the homeowner.
Also!
Verify the homeowner is not in bankruptcy.
Hope This Helps!
Mrs. Meltzer
On 2003-08-18 21:43, Dabster wrote:
I have a property that I want to buy. The owner walked away October 2002 and the last mortgage payment was 11/02. The mortgage company has filed an intent to foreclose.
Right now the property sits with roughly $60k in equity. I have contacted the owner and the owner is willing to sell me the property for the current mortgage note of $105k (This includes all fees currently due to the mortgage company-forwhich I have personally spoke too) plus attorney fees for which I am attempting to get an answer to...
My title search shows assoc dues and misc leans..totally about $2,500.
Finally my questions <IMG SRC="images/forum/smilies/icon_smile.gif"> do I try and short sell this with the mortgage company or go straight to the owner and buy it? It is a convential loan..not assumable but I can pay cash..money no issue. Homes are selling 3-5 day average in my area..It would cost a company $10k-$15k to prepare for sell..but I can do it for less than $5k..suggestions appreciated..this is my first attempt to buy distressed property's <IMG SRC="images/forum/smilies/icon_cool.gif">
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[addsig]
On 2003-08-18 21:43, Dabster wrote:
I have a property that I want to buy. The owner walked away October 2002 and the last mortgage payment was 11/02. The mortgage company has filed an intent to foreclose.
Right now the property sits with roughly $60k in equity. I have contacted the owner and the owner is willing to sell me the property for the current mortgage note of $105k (This includes all fees currently due to the mortgage company-forwhich I have personally spoke too) plus attorney fees for which I am attempting to get an answer to...
My title search shows assoc dues and misc leans..totally about $2,500.
Finally my questions <IMG SRC="images/forum/smilies/icon_smile.gif"> do I try and short sell this with the mortgage company or go straight to the owner and buy it? It is a convential loan..not assumable but I can pay cash..money no issue. Homes are selling 3-5 day average in my area..It would cost a company $10k-$15k to prepare for sell..but I can do it for less than $5k..suggestions appreciated..this is my first attempt to buy distressed property's <IMG SRC="images/forum/smilies/icon_cool.gif">
[/quote]
[addsig]
Thanks!! No BK....it is one of those deals you dream of coming across...I have done a thorough check with title and mortgage company and the seller and I speak freuqently.
The fact that the Mortgage company has filed for repossesion any ideas what an attorney typically charges to start that process?
This is the only unknown piece in this puzzle. still pending. I have left a message with the law firm to try and retrieve this info.
Big difference between "notice of intent to foreclose" as you suggested in your initial post, and "mortgagee seeking possession" in your most recent post.
You've got to be certain about the stage of foreclosure. Each state's foreclosure laws, customs, and timeframes may differ.
You are correct..I just got a little sloppy with my reply. They have filed an "intent to Foreclose" thanks for bringing it to light