How Can I Make Something Outa Nothing......
I have a client who has a newer (within the last 3 years) tri level condo or town house in the Tri Taylor area of Chicago. The area is a "changing" are with plenty of new construction around, but still some of the old less than desirable buildings mixed in. The townhouse is the only one in the development that has the entire 3 stories of the building. The other condos are set up like apartments one on top of the other etc. Due to the design, the condo/twnhse is at the top end of what is available for purchase in the area. The comps for same beds/baths (mostly new construction mind you) come in at about $195K but are set up like a typical condo. He owes about $280K plus per diem missed payments etc. (so probably in the low 3's) I considered doing a short sale but due to the large dollar amount on this deal, my usual loan sources cant do this deal. It is going to sale in about 90 days but he has 30 to reopen the case. How can I use little or none of my own money and make some $$ on this one??? HELP!!
I've never seen resale charm outdo new by 100K
I've never seen resale charm outdo new by 100K
I've never seen resale charm outdo new by 100K
From the incomplete information that you have given, I would suggest if your client has no money at all to contribute to his salvation, then step aside. Your next contact is with the Lender who is the Beneficiary of this foreclosure. Try and buy the property for below market. Show an appraisal which splatters mud" a very low negative view of the property. If you can get low enough and have of course a buyer in the wings, then buy and flip flop. If this is not possible due to the Lender feeling that there is great value in this one of a kind property, step aside, try another transaction, I am sure it is there.
The essence of battle field management is the ability to disengage, the genius is in knowing when to do so. Napoleon, right before Waterloo. Cheers Lucius