Possible Short Sale

I am working with somebody who is in Foreclosure and has some equity. Here are the details.



ARV:235K

Repairs:1K

Reinstatement:6K

Amount owed on mortgage:189K



The client wants 20K for the equity. If I try and take this subject to and then retail, it does not leave any money on the table if I paay him 20K. Is it possible to short sale this with the bank even though there is already 40K in equity?



caesar_6514

Hotlanta, GA

Comments(1)

  • TheShortSalePro16th September, 2005

    "Let the client know that "state law prohibits" the homeowner on a short to benefit fiancially from the liquidation of the prpoerty"

    What state law is that?

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