Where Do I Go Next?
Some of you may remember me from former postings.
I am wanting as my own personal home a home that is currently under order for a stay to be lifted from bankruptcy. The motion has been moved forth by Countrywide The home owner is willing to sign a letter/document saying that he is not opposed to the stay being lifted.
From some of my conversations, Countrywide knows that I would like to buy the property. They have sent me the short sale forms, but for two weeks now will not give me their payoff. They are using every excuse as to why I haven't received it yet. They are wanting me to submit the short sale package to them, but I don't think this is wise as I don't know the payoff. There is a good amount of equity in the home, but it is a buyers market in our area. It needs a new paint job in and out, as well as all new floors throughout the house.
What do you all feel my next step should be?
Here are the current values the homeowner has given me. He hasn't made a payment since Jan. of 03 and the property has been vacant since Dec. of 03. They had the house on the market for a year, but homeowner says that all of the feedback complained about paint and carpet.
1st 301
2nd 45
5 bed 4 bath 4235 sq ft. no pool
CMA $435
We are packing my house right now as we have to be out on the 15. We are going to temp housing waiting for this deal to happen. What are your all best guesstimate for us getting this house? Where do you think our offer should come in when we submit the short sale packet. ? Can countrywide ask for more than the loan amount? The second is with Fleet National and they are willing to settle.
PLEASE Help with these questions
If you can get the property for $346 then it seems to me that you do have a decent chunk of equity in the property!
If you can get the proprety released so that you can purchase it, you may look at simply buying it for that low price.
You should definatly consult an attorney as even properties that are excluded from bankruptcy can be given back to the homeowner later. You are getting the property for a good deal.
This is all from my limited knowlege and this is definatly something you should seek an attorney on.
GOOD LUCK