Is This Short Sale Possible?
Talked to a motivated Seller about purchasing their property. They have missed 3 payments. They just want to walk away and save what they can of their credit. I would like to wholesale the property if I can make the deal happen.
Here is the information:
12/2005 for $390,000 on 100% financing.
1st Balance - $310,000
2nd Balance - $ 80,000
FMV = $390,000
Quick retail price would probably be closer to $370k with about 5% total closing costs (including any Realtor fees).
1st is Option One
2nd is GMAC
What would be the best way to write this one up? Or what would be the best approach to the lenders?
Any advice would be appreciated.
Thanks in advance!
Property is in good condition. There are no repairs needed. Just cleaning and move out. The FMV reflects the condition of the property
I would take to GMAC and see if they would agree to a short sale. Maybe 20k or less if it goes to auction they will lose the entire 80k. With it being a large company its not likely that they would go to the auction and buy the house to protect their money. If you cant get the second discounted there isnt much room for a profit here.