Ocwen Short Sale - Posted by Eric

Posted by Lyal on March 15, 2006 at 09:48:25:

Just my opinion but I wouldn’t bother with this. Using your 117K FVM which I’m assuming you established this with solid, recent comps not from anything anyone told you.

Top 10% is AIR so use 105K as a working number. Subtract rehab costs (incidentially 3500 bucks is really cheap, I’m hoping you’re an experienced rehabber, if not double the amount), closing costs, holding costs, resale costs, you’d need to get this for ~70K total meaning the second would need to go away completely and the first would need to discount.

Ocwen Short Sale - Posted by Eric

Posted by Eric on March 15, 2006 at 07:07:50:

I know Ocwen is notorius for not being open to short sales and taking properties back at foreclosure to rehab and sell on their own. However, I have just come in contact with a homeowner motivated to sell and Ocwen holds the second position mortgage. Does anyone have experience with shorting a 2nd with Ocwen? If so please advise.

1st Chase= 92k
2nd Ocwen=25k