flying...pants chpt 2

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Phones are ringing, beepers beeping...hmmm maybe all this mkting is paying off--anyway forgot to say what I'd like to do witht his prop if I get it---I'd looove to get it short saled and then fix it up a bit and retail flip it---all within saaay 6-8 wks---really don't want to buy and hold even on a l/o yet---I think.
Mel

Comments(4)

  • DaveT23rd January, 2003

    Mel,

    If there really is 85K - 100K equity, there is no short sale here. A prudent lender is going to foreclose and get their payment in full at the foreclosure sale.

    If the buyer has an insured loan, the lender is protected against a loss and has no incentive to permit a short sale.

    You may need to rethink your strategy on this one.

  • mel23rd January, 2003

    Thanks Dave,
    As I said in the 1st post on this deal I just started to look at short sales---don't really understand the whole deal on them.
    I was just thinking that the condition the props in it doesn't even seem worth the original 191k. Your point brought a bit of new understanding to me--Thanks. Guess I'll have to find some time to study the c short sale more.
    Thanks again,
    Mel

  • 23rd January, 2003

    Mel, another thing you should really look into is "subject to" purchasing. It doesn't reqire you to pay full price for a property directly to a bank. In fact, you can purchase properties "subject to" without having to deal with a bank period!!!

    Dan

  • mel23rd January, 2003

    Thanks Dan,
    I was thinking of that but was wondering how that would work with the 20k delinquency and we now have 41/2 days to get this done. Bill told me to have them file chpt 13 to stall things a while. These are not sophisticated people and basicly they are not understanding much of anything. Mainly I am sticking close while I try to find out how to proceed. Can't reach my mentor
    I'll keep you all posted.
    Mel

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