Posted by TC on December 05, 1999 at 14:27:48:
> 1) FHA will not consider short sale if any interest > in premises has been conveyed, so you had better > not disclose the transfer,
I had mentioned in my post that the transfer has not been recorded.
> 2) Possible conflict with BNK Trustee (any > transaction involving ($200 or more?) requires > Trustee approval.
We were working on trustee approval of an assumption till I found out the true payoff. Also, the attorney has told the client to find someone to assume.
> You make no mention as to the property’s FMV other
> than to say it needs $3-4K in fix up, and similar
> homes are LISTED (but not sold)
Comps out of 92,500 ARP.
> If it is worth $91K in an as-is condition, and the
> payoff is $81, there is no need for a short sale as
> proceeds from that sale would be sufficient to
> satisfy the mortgage loan… and don’t forget the BNK
> Trustee. He’ll probably want some of that, too.
The property needs roof work, sheetrock work, all carpet and linoleum replaced, paint on interior & exterior, needs new heat pump, needs a few new drawers in the kitchen, and a lot of cleanup! If it was hired out you would be looking at 5-6k. I can do it myself, for about 2K.