GUIDANCE PLEASE REGARDING THIS POSSIBLE SHORT SALE SITUATION

Here is the situation:



Nod filed 11/06



1st: 496000

2nd: 124000 gmac



FMV: 535,000

asis value:530,000



My question:

Is there any way to make some money of this situation?

The owner wants out!



I was looking at trying to get a substancial discount off the 2nd Example: 124000 (10,000 offer)

Then take the 1st subto or short the 1st down to $425,000 Therefore, try to net :



425,000 FMV:530,000 520,K Sell

+10,000 -465,K

---------- -----------------

435,000 + 30K (Costs)=465000 55K Profit (in a perfect world)



Please advise if there is a better way to set this up as this owner is running out of time fast.

Thank You very much in advance

Comments(1)

  • toobizee30th January, 2007

    that makes perfect sense. thanks.

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