New Lead! Auction Is 1 WEEK AWAY!!!
Wow, second call on the second day my ad is running! Too bad all these calls are "sticky" situations...I guess they all are, that's why they're callling =)
Auction is 1 week away!
He's going to call back with exact numbers, but here's what he THINKS they are...he seems a little confused on 1st, 2nd, back payments and how they all work though....
1st $65k
2nd $20k
Monthly PITI $552
FMV $95k-99k
It's looking a little skinny on this one. It's in an iffy part of town as well. What do you all suggest?
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OK more details just came in
New numbers:
1st $65,000
2nd $22,500
Backpayments on 1st $12,000
Backpayments on 2nd $622
PITI $552
Monthly on 2nd $207
total monthly $757
FMV $95-99k
So these numbers look bad. Is it to late to arrange a short sale on this? Either way, I can't purchase...If I did negotiate a short, could I flip it off to another investor? I thought I remember reading banks don't let you flip short sales....[ Edited by snek11 on Date 11/06/2003 ]
GREAT Job this is good news! At first glance, the equity may be thin also cross your fingers that the first mortgage is foreclosing. If so, WAIT until after the auction! The second mortgage is eliminated from the deal. So now it is back to the 1st lender with the redemption period.
Summary: After viewing the interior of the property and it checks out OK, and nothing major to rehab, what about a short sale for the $55K, this could be a huge win for you if the property meets your criteria.
Eric & Rosa
Our above post is covered in this disclaimer: "This post reply will provide consultation and discussion regarding investing in real estate. The C…H…buyers company staff, employees, and associates will not render any legal or accounting advice, and shall not be liable for the same."
[addsig]
Can't hurt to try a short sale. Worst is you run out of time. Best is the 1st delays the auction and you short sale the second for pennies