To deal or not to deal-Short Sale Gurus - Posted by DaniB
Posted by DaniB on July 16, 2003 at 10:58:52:
I have a meeting with a seller tonight. Let me know what you think.
ARV: $211K - $215K per my comps ($230-240 per sellers comps!)
1st Mort: $145K pymt: $1264
2nd Mort: $65K pymt: $670
Seller is behind 1 month on both: $1934
Zero equity. Seller wants out of both mortgages. Is asking only for a
little to move ($3-5k).
Property is in good condition but will need interior touch up paint.
I see there is nothing here unless I can get the deed and discount the
second way down. However, foreclosure proceedings have not been
filed by the 1st mortgage holder yet so I see no incentive for 2nd
mortgage holder to discount. Possibility 1st mortgage holder may short
sale on this, but I can’t count on it.
I get a lot of calls with this kind of scenario. Payments are behind, there
is no equity, seller can’t make payments up, foreclosure is impending,
but not yet filed. Seller may be only one or two payments behind. For
those who handle short sales what do you do in this type of a situation?