Possible Short Sale - HELP, Quick Please!!
First deal(?) for newbie after reading learning REI. Here are the details.
Couple filed bankruptcy in Dec. 03 and got discharged recently. 1st filed Notice of default mid this week, and scheduled sale date is mid May.
House is 2yr old nice middle class neighborhood. Shows great and no repair needed.
FMV: 350-360k
1st: 300k (miss payment since 9/03) $2100/m @7.50%
2nd: 75k (miss payment since 11/03) $900/m @12.99%
Property Tax: 3k not paid for 2003
Both loans have prepayment penalty.
Is there any chance I could short sale this to make it a deal, considering the house is in great condition? Couple are cooperative and prepared to walk away from property.
How should I proceed if I have room to work this deal? Where do I get all the forms, authorization of release/purchase contract or the deed(?), etc fairly quickly? I'm hoping to start talking with the banks on Monday. And in what range should I offer?
Is there some quick resources I can brush myself up on SS? Or should I get an attorney now?
Since it's a relatively expensive house, my exit strategy would be flipping/sell to retail buyer. Lease option might not be possible -- rent is only $1600-1800 range.
Thanks in advance!
Please respond to Short Sale Forum and that forum can answered all your question. Also, pm the Short Sales Pro for all your questions. He's great at assisting investors in this area. thanks. happy investing. 8-)
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