Possible Short Sale With Citimortgage. Help
Owner will be 90 past due at the end of the month, at which time the foreclosure process will commence.
Property value is around $80K.
Current payoff is $54K.
Repairs are around $25K.
Does the house need to be listed for sale before they will consider a short sale?
Is $25K a feasible target price?
I would have a private lender financing this deal. Would I need to show proof of funds and how would I do that with a private lender?
Any help would be appreciated. Thank you!
Home normally needs to be listed by an agent.
Your offer price seems to be in line with the percent of value and repair costs I would offer. Some lenders do require a POF letter for short sales.
It is always good to have proof of funds, or in your case pre-approval letter. $25k is a reasonable offer, based on my experience the final price will probably be around $32k. Those numbers would work well for the criteria I use... Best of luck!
So my private lender has two houses. One that she occupies and the other is being rented (free and clear).
She would like to leverage the equity on the rental property to finance my deal. Problem is, the rental payments are her only source of income. Will she have difficulty getting a loan on a free and clear property with such limited income? Can anyone recommend a good lender for this scenario?
check our luxury mortgage..
FHA requires 3.5 % down , provable income
and no title seasoning in most cases.[ Edited by JohnLocke on Date 12/10/2010 ]
I have never seen one taking less than 30 days to complete. If Wachovia is starting to do this then that would be great but Wachovia has only a small percentage of loans. Now does this notice include only original Wachovia loans or Wachovia and Wells Fargo loans?
Short sale is definitely a niche for the growing importance and popularity. Lenders are overwhelmed with foreclosure properties, and the word says that they get a little easier to deal with short sale deals. A successful short sale will help the lender to avoid foreclosure home another account. short sale market grew from Jacksonville, Fla., in most homes, which usually sell either short sales or bank owned properties.
[ Edited by joel on Date 11/10/2010 ]
My average time for short sales is about 90-120 days