Will A Seller Have Strong Credit To Buy Another Home After SS?
1. Can a SS be done if mortgage is not delinquent (no lates, etc.).????
2. If (If) SS is possible, can seller purchase another home shortly after or "during" the process?
3. Seller needs to get out of house b/c house is destroyed and not in living condition. Cannot afford double living expenses. If seller does not get rid of it soon - it will be in foreclosure.
5. Seller cannot afford to get it fixed and ins co is stalling on claim. All funds are going towards mortgage and extra living expenses.
6. Lastly, prop has "no" equity.
Any advise if this makes sense
1. Yes, but rarely. The proposal must be factual, and compelling.
2. Probably not.
Are they are other means of getting rid of the house without destroying the credit.
Well its outside my area of expertise but on the assumption that the monthly mortgage payment included the insurance you might try to get the mortgage co. to bring some pressure on the insurance co. Big bureacracies tend to like dealing with other bureacracies.
If your going to work this as a short sale the first thing that I would do is to put the property into a land trust with someone else as the trustee to avoid having the IRS lien attach to the property as it is a general lien and will attach to anything in his name...
[addsig]
Pat, Tracy,
Would either of you mind sharing your post card or letter. I am in Illinois and could really use a marketing tool to get my phone to ring.
Thanks in advance.
Sure Sen Me your e-mail Address to wtmills1 @ yahoo . com
What type of financing do you use when working on 10-15 deals? I can barely manage one (we typically pay cash). I would love to know.
typically I either do a double closing with an investor that purchases the house as is ( Plus a little for me normally not less than 5,000) or I use a private investor to hold a mortgage.some times I can even get the home owner to qualify for the discounted amount
Tracy,
I am going to email you my info. Could you please send me the letter, as well. I am in Las Vegas, NV. I have come across a few houses as a Loan Officer/Investor that are in foreclosure, and if I could work out a short sale, it would be even better. So far, the real estate agent has been dealing with the banks, but then their commission is at stake, and of course they have their own interests ($$) to look out for. If I could approach these people directly, and then work out the short sale myself, it would be alot more profitable. I would really appreciate it.
Christin