What Would You Do?
I have a house that I'm not sure what to do with, but a SS seems to be the thing.
The house is really a mess inside, but all cosmetic stuff. For about 2K I could have it looking like new. The problem is that he ows about what it's worth, and is about 9K behind. Here's how it breaks down.
2/1
AVR 115K
Needs 2K
Owes 109K (9K is from back pmts)
He is very motivated, and signed the deed over to my S corp, and a purchase contract (no value in it yet). I know not to record the Deed because it will mess up the SS.
Where would you start in such a negotiation? I ws thinking 90K (~80% FMV) It this too aggressive, not enough?
The biggest holdup at this point I think is that I didn't catch it in time to file a foreclosure answer. What happens in this case, can the bank automatically set an auction date?
Thanks for all the help.
Sam
Anyone????
I NEVER START AT 80% OF THE VALUE. MY RULE OF THUMB, WHICH WORKS FOR ME 105% OF THE TIME.
LOAN AMOUNTS:
$0-$130K = 48,500K
$130K-$180K = 58,300K
$180-$280K = 67,900K