Seeking Advise From ShortSalesPro Or Other Vets
I am an absolute total diaper stinking, no funds having, starving newbie. I have enough knowledge to maybe get in trouble. With that said, I will ask questions. I am not afraid and willing to try even if I fail.
I came across a person who will be behind 7 months this coming month in their note. They want to walk away from the property. I advised them not to do that. I advised them I would see what I could do to help them. He is perfectly willing to allow me to represent him and has signed authorization of such. I found someone willing to by the home all cash for the remaining loan balance or whatever the payoff amount is. I have ordered the actual payoff. In the meantime, after reading you and others, I thought I would try and see if the lender would be willing to do a short sale. They seem to be and advised me of what would be needed, which is basically the same info I have learned from doing my research and reading. I am in the process of gathering all the necessary components. Here is the breakdown on the property. I have also gotten a realtor who will list the property.
FMV
$125,000
Existing First loan* $111,600
Original Loan $112,500
Questionable 2nd deed* $24,000
Outstanding taxes
$2000
Repairs (mainly sewage and
tree roots advancing into foundation) $6000
Realtor 4% of sale
* I found this when I went to the recorder of deeds. This was a seller carry back from the original purchase. It was supposed to have been satisfied under arrangement when the owner did a refinance with present lender two years ago. I am presently researching to verify.
My question is this is it possible for me to build a fee into the sale price when we write up the contact or am I being to ambitious? Naturally the seller has no funds to give me. Any suggestions, pointers or comments would be appreciated from anyone.
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