What Are My Options????
Hey everybody Heres my situation...
Homeowner in foreclosure and just wants to get out and walk away. Here are the numbers
1st $117,000
2nd $25,000
Comps 145,000 - 155,000
He is about 3,000 behind on his payments
What I am looking to do is get the house under contract for the amount owed and then try and negociate with the second loan for an immediate payoff and then sell to a retail buyer a little lower then market value to get rid of quick.
How does this work? Is it a good idea?
thanks
I would talk to second lien holder first. He may want the property and just be waiting in the wings to foreclose too. You never assume that he is willing to discount and how much. He would need to take about 10 cents on the dollar before you will want to avtually buy the place unless you have a buyer ready to write you a check as is and close in a few days. Be sure to figure all the costs involved in buying, closing, fixing up and making payments yourself on the house when you own it. Commissions, taxes etc add up fast and you may lose some of those greenbacks fast.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr