Posted by cj on February 08, 2002 at 18:58:55:
Scott
she is fully aware of the “Deficiency balance” and tax consequences thereof. Still wants to move ahead.
Any ideas on how i should approach the Lender?
Charles
re: Short Sale/BK-7/ need help! - Posted by CJ
Posted by CJ on February 02, 2002 at 15:30:11:
ok, i actually went and talked to this lady in person. Here’s the scenario.
She is in foreclosure (7 mos behind) filed chapter 7 in Dec 2001. The Trustee told her she can do an Abandonment of the home in no time at all.
The delinquent homeowner is willing for me to just give her some cash to move on,…back to New Jersey where she came from.
She wants out.
Comps 118,000- 120,000 (I am a mortgage broker and have 2 conservative appraisers i called.) House needs some work…kitchen, wallpaper, updating, mostly remodeling. Maybe $12-15,000 needed. I have friends who will do this with me.
Apparently the lender will consider a “short sale” at 80,000.
Whats my first step??? howdo i approach the lender to get started?
CJ
ARIZONA
Re: re: Short Sale/BK-7/ need help! - Posted by Ben (OH)
Posted by Ben (OH) on February 03, 2002 at 06:40:50:
this is an area I do quite a bit of work. If it is worth it for you I will only charge $2500 to do the deal and it won’t come out of your pocket.
Ben
Freedom Home & Land
(330)656-3488
Re: re: Short Sale/BK-7/ need help! - Posted by Scott (UT)
Posted by Scott (UT) on February 03, 2002 at 24:07:20:
If you buy this from the bank on a short sale here are some of the things that can happen to the lady that left the house. She will either be hit for the difference or issued a 1099 and have to pay the taxes on the difference as income. Do you want to stick her with that. Does she even know what will happen. If you do not tell her the possible outcome she may have a cause for legal action.
It is possible but not probable that the bank will take back the property or sell it to you without any baggage. It never hurts to ask. Of course if you do this you will make a little money and who cares what happens to the owner anyway. It’s not your fault they didn’t make their payments. Right?
Re: re: Short Sale/BK-7/ need help! - Posted by cj
Posted by cj on February 08, 2002 at 18:57:38:
Ben
interested. call me 800 459 2929 xt115 on Monday with some info on how it would work. thanks
Charles