PreForeclosure
Help please,
I have a friend that is behind on alot of payments. The house he has is getting ready to be foreclosed on. market value of it "ARV" is 120K. He owes roughly 88K on 1st through Wells Fargo and 22K on second from conseco. There is about 8 - 10K in fixup. I was woundering if anyboby had a script or similar of what I should tell/ask the banks. I want to ask Wells if they would sell me the house for let's say 75K and tell Conseco I'll pay them 5K. If it goes into foreclosure Conseco will get nothing correct?
All help would be greatly appreciated.
dave
dave_pam@yahoo.com">dave_pam@yahoo.com
Make sure you do some comps on the area, find out what the homes in the area are worth. If your friend owes equal or more than FMV (Fair Market Value), then you, as an investor, can short sale the property. Homeowners cannot do a short sale themselves, so you will have to do it for them.
To read up more information on short sales, Dwan and Sharon have written a few articles you may want to read:
Real Estate Short Sale Secrets
FAQ's about Real Estate Short Sales
Loss Mitigation During PreForeclosure: Friend or Foe
You should check them out and if you have any specific questions, then post it and we'll see if we can't get you in the right direction.
Tanya