Getting Closer
Some of you may remember me from former postings.
I am wanting as my own personal home a home that is currently under order for a stay to be lifted from bankruptcy. The motion has been moved forth by Countrywide The home owner is willing to sign a letter/document saying that he is not opposed to the stay being lifted.
From some of my conversations, Countrywide knows that I would like to buy the property. They have sent me the short sale forms, but for two weeks now will not give me their payoff. They are using every excuse as to why I haven't received it yet. They are wanting me to submit the short sale package to them, but I don't think this is wise as I don't know the payoff. There is a good amount of equity in the home, but it is a buyers market in our area. It needs a new paint job in and out, as well as all new floors throughout the house.
What do you all feel my next step should be?
Here are the current values the homeowner has given me. He hasn't made a payment since Jan. of 03 and the property has been vacant since Dec. of 03. They had the house on the market for a year, but homeowner says that all of the feedback complained about paint and carpet.
1st 301
2nd 45
5 bed 4 bath 4235 sq ft. no pool
CMA $435
We are packing my house right now as we have to be out on the 15. We are going to temp housing waiting for this deal to happen. What are your all best guesstimate for us getting this house? Where do you think our offer should come in when we submit the short sale packet. ? Can countrywide ask for more than the loan amount? The second is with Fleet National and they are willing to settle.
PLEASE Help with these questions
will the buyer let you carry over past end of escrow?
If you have a good relationship w/ the seller, they should know the payoff amout exactly as it was disclosed as part of BK.
Further, if you pull the NTS or equivalent doc in your county, it will have the amount due. +/- a little bit.
Does the payoff matter? What do you want to pay for it?
[quote]
On 2004-06-01 23:13, cjmazur wrote:
will the buyer let you carry over past end of escrow?
What do you mean by carry over past end of escrow?
If you have a good relationship w/ the seller, they should know the payoff amout exactly as it was disclosed as part of BK.
The homeowner knows the exact amount, but won't Countrywide want attorney's fees, or accrued interest? That is what I am looking for when I say that I am waiting for the payoff.
Further, if you pull the NTS or equivalent doc in your county, it will have the amount due. +/- a little bit.
What is a NTS?
Does the payoff matter? What do you want to pay for it?
The payoff does matter b/c we can't go over a certain limit, and if the payoff is above our budget I feel like I should write this property off. From the amount of equity in the home I am afraid that they won't entertain a short sale. What do you think?
thank you for responding,
A-M
my bad here.
by carry over or hold over, I mean stay in your house and rent it month-month from the buy.
Typically the amoust disclose that late on the process includes all those upticks.
NOD= Notice of default start of foreclosure process
NTS=Notice of Trustee Sale, end of default period, sheriff / trustee sale w/in a couple weeks.
wrt to the payoff, maybe I misunderstood the structure of the purchase, but it sounded like it was a Short sale.
If it's a SS I would offer what I think the property is worth, not what Countrywide wants.
If it's worth 200K, buts she owes 220, 200 is the imprortant number.
Since that's what it's worth.