Where Do I Go From Here?
I just received a authorization letter from a owner who is 8 months behind on his payments. He has agreed to let us buy his house so he can walk away. Here are the numbers:
Unpaid principal $135.614.89
Interest at 9.25% 12,184.79
Escrow/impound overdraft 3,303.75
Suspense Balance -419.66
Unpd late fee 737.88
Expenses pd by Ameriquest 13.90
Foreclosure fee 210.00
Property inspec. 20.00
Total payoff as of 9/22 151,665.55
An additional $34.16 interest is charged every day after 9/22 and a late charge of 67.08 is assesed if payment is past 15 days of due date.
When I call Ameriquest what should I ask for as a resonable offer. The lowest comp in the subdivision is $183,000. The houses go up to $240,000 for three car garages but this one is a two. The house is only 3 years old and only need all new carpet, landscape, appliances and paint.
Would you offer them just the Unpaid principal and sell them the idea of them just getting this off of their books??
Please advise.
What is the reasonable AS-IS value of the home?
How much repairs does it need ($$$) My guess is $6000??
If you think the property you are buying can sell for only $183,000, then you may have trouble making a lot of money, especially if you list the house back with a realtor.
However, it is likely that your property will sell for more than $183k (I'm just guessing--I don't know your market!!) Maybe this one is worth $210k? If that is the case then you are in at 75% of market value, which leaves room for some nice profit.
Bottom line---this isn't a short sale candidate. I would pay off the first mortgagee in full. The only way I wouldn't is if the value is 183k or less.
Sorry this post is scattered but I didn't have enough information to give you the numbers straight up.