Theshortsalepro-IVE BEEN WATCHING YOU!

I have a SS deal.

Spanking new building in a depreciating/competitive neighborhood where newer buildings are commanding more $$$.



The Judgement of Sale will be filed on Nov 30,2005. Owner is very willing to work with me,extremely motivated.



1. Area Comps:( my research): $ 250,000

2. Ist Mortgage bal: $ 193,000

3. 2nd Mortgage bal: $ 45,000

4. 3-4 months due on association fees.( $ 323 per month)

5. Not filed bankruptcy.

6. No other liens/judgements as per her( Will do a title search tomm)

7. Cannot buy the property myself, so would like to do a double closing.



Want to Shortsale with lenders for total of $ 101,000 as property has been on the market for about 90 days (Realtor.com),then wholesale it for $ 160-170K. Will sell like hotcakes as property is very well maintained, with indoor parking and indoor heated pool( for building).



Whaddya think?

[ Edited by TheShortSalePro on Date 11/25/2005 ]

Comments(3)

  • Moolamatch25th November, 2005

    Thank you for considering my offer Short Sale Pro. You are right about the as-is value. I found out from the realtor friend today that for that type of property, it ranges from $201,000 to $ 225,000. She owes exactly $ 238,000. So even when the lender orders BPO, he might end up with something lower than $ 240,000. Nobody will pay more than that ,is what my realtor said.

    Thanks for the advice. Will keep you updated on the deal. This is my first one.

  • TheShortSalePro24th November, 2005

    In my neck of the woods, folks facing foreclosure get about 200 cards and letters when their name first appears on the list. 99% are boilerplate, impersonal junk that gets tossed in the trash... either opened or unopened.

    It might be the same in your neck of the woods.

  • BBagnall25th November, 2005

    You have to do something creative. Set yourself apart from the rest of the competition.

    Lumpy mail
    Put a pumpkin on their doorstep with your contact info on it
    etc.

    Stuff like that

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