Possible Short Sale
I am working with somebody who is in Foreclosure and has some equity. Here are the details.
ARV:235K
Repairs:1K
Reinstatement:6K
Amount owed on mortgage:189K
The client wants 20K for the equity. If I try and take this subject to and then retail, it does not leave any money on the table if I paay him 20K. Is it possible to short sale this with the bank even though there is already 40K in equity?
caesar_6514
Hotlanta, GA
ARV:235K
Repairs:1K
Reinstatement:6K
Amount owed on mortgage:189K
The client wants 20K for the equity. If I try and take this subject to and then retail, it does not leave any money on the table if I paay him 20K. Is it possible to short sale this with the bank even though there is already 40K in equity?
caesar_6514
Hotlanta, GA
Comments(0)
"Let the client know that "state law prohibits" the homeowner on a short to benefit fiancially from the liquidation of the prpoerty"
What state law is that?