Advice Needed!!!
House in FC, sale date is in May. No second on the house. Balance owed is 82K. Comps are showing 105-120k. 3/2 brick ranch with unfinished basement.
Just an update...spoke with the investor who is holding the property now. They said that they have already spoke with the bank holding the note, and the bank said they would accept a SS of 80% of a current FHA as-is appraisal. They also said I can use my own appraiser. Investor said they expect the FHA appraisal to be BELOW what is owed on the house (82k). I also know I can use my own appraiser for my ARV appraisal to get my HML. I plan on using the same guy for both appraisals, who is a friend of mine. Hope to get ARV appraisal in range of 115k. Investor's finder's fee is $1500, and the homeowner has already signed POA and also signed over the deed to the investor.
Seems like everything is almost in place.
Bank needs FHA appraisal, purchase agreement and list of estimated repairs, for the SS to go through. Thats it.
My estimation is that I can put 10k repairs and turn and sell for 110k pretty easy, or do a lease purchase as a last resort.
Any feedback?
Anyone have any feedback?