SHORT SELL
Hello, I have the opportunity to get a house in foreclosure(auction (9/24/03). The owner will walk away and sign the deed over to me, if I can work out a deal with the Mtg. Co. They sent me a Short Sell package, that asked for my financial statement, etc. However, I want to pay CASH, do I need to fill out the short sell infromation. Bal.-$95K, ARV-$80-85K, Rehab-$35K, I'll pay discounted Cash of $25K-30K. I'm a beginner with foreclosure, so answer specifically. Thanks-Tommy <IMG SRC="images/forum/smilies/icon_wink.gif"> [ Edited by TRHAR on Date 09/05/2003 ]
The application for short sale consideration should have been sent to the homeowner/seller/mortgagor.
It's to be completed by the homeowner/seller/mortgagor.
It is the homeowner/seller/mortgagor who is seeking relief, and, if they qualify, the relief will be granted to them.
You, the Purchaser, can assist them in assembling the application.
The ARV isn't that important to the short sale equation. More important, is the confirmed, as-is, fair market value.
What do think it's worth, and what the mortgagee thinks it's worth is where your Proposal comes into play.
The mortgagee will order an appraisal, or BPO performed... if there is time to do a short sale. Doesn't sound like enough time to me.
Check out the article, "How to prequalify a Short Sale Candidate"
[ Edited by TheShortSalePro on Date 09/05/2003 ]
Hello SSP, Maybe you should post the URL to your article, TRHAR is new to the forum and most likely cannot do the search. Just a thought...