Posted by george on June 28, 2007 at 16:54:58:
Sure, lenders will be happy to short 20% of a 100% financed home, if the market has dropped 15%.
But why would you want to buy at only 5% below FMV?
Short Sale Pretty Houses? - Posted by Shogan
Posted by Shogan on June 28, 2007 at 14:17:30:
I have a lot of homeowners coming to me with very upscale pretty houses that are 100% financed. The market price today to sell the house in 30-60 days is 15% or so below market price last year.
Are the lenders aware of this? Do you think it is up to my negotiation and pursuasvie skills to convince the lender to take substantially less than what is owed. My bottom line profit margin is 20%. I used a realtor to re-sell houses for me and I figure in holding costs for 6 months and closing and some other costs.
Has any one been successful at completing a short sale where the lender took 80% or less of what was owed on the first on a very pretty house?
I know lenders would prefer not to take the property back, no investor would buy this at auction because too much is owed on the first.
Any advice?