Need Suggestions For Structuring Deal

seller is 2 months behind on duplex
Regions Bank FHA w/ 63,500 payoff
his 2001 appraisal = 68000 but FMV is probably in low 60's

comps mostly in 50's and 60's for past 6 months--lot of foreclosures and rehabs in his area.

I spoke with bank, they wait 4 months to foreclose. Seller is eagar to get out asap, but has no equity.

I plan to submit shortsale offer to bank, I just want to know whether anyone has suggestions for me. TIA

Comments(1)

  • TheShortSalePro25th May, 2004

    Just do it. FHA will entertain accepting about 85% of the confirmed, as is value.
    [addsig]

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