How Much Should I Offer On This Short Sale?
I hear so many different guru answers I dont know what to do.
139,000 owed on the house.
100,000-110,000 is what the house is worth
8,000 in repair and needs update kitchen, windows and doors all 39 years old.
Two year old conventional arm loan through Saxon bank.
Presently 75 days late, not in full foreclosure status.
Any ideas would be great
Thanks for your help
Russ
Conventional loan through Saxon mortgage.
Thanks
Russ
If you do go through the short sale it will still tear up your credit. If you want to own again in the near future, you may want to buy your next house while your credit is still decent. I have never seen a lender accept a ss before you were late on your mortgage.
The benefit of selling it would be that my relocation company is paying for all the closing costs, listing fees, and etc. If I wait longer or rent then I lose that. The market is real soft for everything down there, including rentals, and there has been no interest except this one offer.
So you think that for the lenders to consider a short sale I need to really be behind in the payments?
Say if I end up having to sell for less not in a short sale and take a loss, but do not have cash to pay the lender the full amount, what other options do they have what do other people do in this case?
I also do not plan on buying another house anytime real soon. My 2 last ventures that were 3 and 2 years old have wreaked absolute havoc on my finances with the crappy market!
Thanks![ Edited by bumpnjump on Date 02/16/2007 ]
You would not be able to sell the property for less than you owe because the bank will not release the lien (unless they do a short sale) if you do not pay the balance.
So your choices are to bring money to the table (approx. 40k if the offer is $180K).
Have you tried renting out the property to help pay your www.mortgage.Or you could try to refi and lower your payments, however if the market is soft the property may not appraise out.
I am no expert. Maybe someone else on here will have som ideas that may help.
Good Luck.
JS.
Thanks for the insight...
I am drafting the letter and completing the applications now. Can the lender go after or require that I cash out the 30K or so I have in IRAs? Should I even mention them or just give my bank account statements and not mention the IRAs?
Also, is it better or worse to mention that my company will be paying closing costs and commissions? I can see it better because they will get more, but also that they might say I am not really in hardship.?
Thanks and any help is much appreciated....
ShortsalePro...I think a 5 minute telephone conversation (I promise to be brief) would aid me greatly in properly applying for this thing and not making a mistake that could cost me. My account here has lapsed (have had to stop spending $$) so I cannot PM so could I trouble you to call me at
Thanks so much.....
[ Edited by bumpnjump on Date 02/21/2007 ][ Edited by TheShortSalePro on Date 02/21/2007 ]
[ Edited by bumpnjump on Date 04/17/2007 ]
Keep on the second for short sale consideration. It may agree to release to permit sale, convert the secured into unsecured, and stipulate a payment plan for the deficiency. Or, it will forgive the debt and issue a 1099-C for the balance.
Consider drawing a line in the sand and investigate bankruptcy as a means to escape.
I make too much to declare bankrupty as I am just over the threshold from talking to an attorney. I also dont really want to go through that on my credit score and record and deal with the years of watching.
I will just stay on the second and hopefully something comes out....
Anyone wanna buy a house in florida?????