Need help confirming… - Posted by RERookie
Posted by RERookie on August 11, 2003 at 19:33:13:
…that there is NO deal here:
3/1, comps at 80-83
1st mort: 65K
2nd mort: 11K
Payments are current. Owner NEEDS to be “out of this home” by the end of the month so she can move to a new home (FHA).
She said that there were people interested in renting it, but she’s leery about that because “she’s a single mom”.
She said she was told that she could carry over 6-7K of the 2nd over into her new loan, so her bottom line is she “needs” 70K - to pay off the 1st and knock 5K off of the 2nd.
My only exit strategy here, with my CURRENT circumstances, was to try to negotiate as good a deal as possible, and then assign my position to another investor. But with the thin spread between what she “needs” and FMV, I don’t see a deal.
Had I been a little further along in my efforts, I would have a buyers list (retail; I have a wholesale buyer list). Then MAYBE I could try to work a l/o, since she mentioned renting it out and only stated “being a single mom” as a deterrent from going this route.
I ruled out trying to get either one of the mortgage holders to discount their loan, because she’s current, so I figure what’s their motivation to do so? It’s not like a preforeclosure and she’s behind in payments.
Any thoughts are appreciated. I just want to confirm with the pros that my thinking is not TOTALLY flawed. And if there is room for a deal, how?
Thanks in advance,