Should I Even Try.

Had a guy call me up to see if I could help him out.



Total Mgt= 279900 + back payments/fees

1st = 223920

2nd= 55980

Bank= Chase for both.



Now the fun part.



House is new. has upgraded cabinets, carpet and some other stuff. It has a Large screened in pool and patio. Pool is off center so there is plenty of room for grill and furniture.



Needs a few minor repairs- paint, patch some small holes/ corners on walls, replace carpet in two bedrooms ( dog tore some of it up. Thats it for repairs.



Now the bad.



There are 30 homes for sale in that neighborhood. Its only has 5 streets in that area. The price range for most are 220-270k. Most of them have been for sale 60+ days.



Good news.



This house is the only one that has a pool. The area is growing fast. There is new walmart and many others stores going in less than a mile away.



Does this sound like something to try for? My main point to the bank would be the large amount of homes for sale in that area.



Thanks

Comments(3)

  • linlin2nd May, 2007

    Owing 279900 with back and fees when the homes are selling for 220-270 and not moving at that price does not sound like a good deal. Do you have the money to carry the payments and expenses for a few months or a year (whenever it sells)?

  • GKREI2nd May, 2007

    Im kinda curious to see how low they will go. This might be a good rental for a yr or 2 to wait for the area to grow.

  • GKREI7th May, 2007

    I just found out that the sale is on the 31st of May!

    Also the 2nd is not foreclosing.

    How will/does this work?

    Judgment on first is $238234.58

    Please help

Add Comment

Login To Comment