Best Way To Write This One Up?
I am going to talk to a motivated Seller this next Wednesday about either purchasing their property or listing it for sale. They have just missed their 1st payment and the property is only about $1800 behind. They owe more than it is worth and just want to walk away (and save what they can of their credit but even that is secondary at this time). I am going to work with them on a short sale and was wondering if it would be worth my time to take this on as an investment or just list the property for them and try to help them sell it retail.
Here are the details:
New const purchased in 5/2006 for $337,000 on 100% financing.
1st Balance - $269,500
2nd Balance - $ 67,363
FMV = $330,000
Quick retail price would probably be closer to $300k with about 5% total closing costs (including any Realtor fees as I am a licensed agent and can post it to MLS and such myself).
Both 1st and 2nd are held by the same lender.
What would be the best way to write this one up?
I am looking for any advice as this would be my first SS deal as an investor.
Thanks a lot in advance!
[addsig]
Expect the mortgagee(s) to agree to release, the first paid off in full, the second one, well, not so much. While the second will probably agree to release its security interest to facilitate the sale, it will likely require the seller agree to pay on the negotiated deficiency.
Thanks for the info. I will write it up and post back here with the results. -J