BK, and short sale experts.... - Posted by todd

Posted by NJDave on September 11, 2004 at 06:28:30:

Your best chance to short will be with the junior lienholder… and your Proposal will have to be a compelling, and fact based. Presumably, since the BNK has extinguished personal liability to repay the mortgage loans… the lenders will know that their recovery is based upon the subject property’s as-is, fair market value.

Your job will be to denigrate their perception of that value… and devise a business proposal that convinces them that accepting your Offer is in their best financial interests.

They’ll do their homework, too.

The ‘walking away’ money to the Seller will have to be under the table and off the radar screen since a prerequisite to the majority of mortgagee approved, preforeclosure short sales include ZERO proceeds to the Seller.

I’ve saved 5 essays on the art of preforeclosure, short sale acquisition. If intererested, lemme know.

BK, and short sale experts… - Posted by todd

Posted by todd on September 10, 2004 at 18:17:25:

I have a deal brewing with a seller and I believe is a great short sale candidate.

Both are behind two payments with a BK discharged in July. The loan statements now says “volintary pay”. So the numbers look like this…
$149,000 owed…
$170-173,000 FMV
$5,000 fix up and clean
$5,000 to seller for walking money.

This only leaves about $11-14,000 profit…very skinny unless I can get the banks to play ball. Any suggestions? I am not sure how to approach the situtation and have never done a short sale before.
thanks for your time.

Re: BK, and short sale experts… - Posted by Raj

Posted by Raj on September 13, 2004 at 24:54:23:

Please send me the 5 essays.
thank you.