Need Suggestions For Structuring Deal
seller is 2 months behind on duplex Regions Bank FHA w/ 63,500 payoff his 2001 appraisal=68000 but FMV is probably in low 60's comps mostly in 50's and 60's for past 6 months--lot of foreclosures and rehabs in his area. I spoke with bank, they wait 4 months to foreclose. Seller is eagar to get out asap, but has no equity. I plan to submit shortsale offer to bank, I just want to know whether anyone has suggestions for me. TIA
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Just do it. FHA will entertain accepting about 85% of the confirmed, as is value.
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