Deal...or Not???
I had a seller call me who is going through divorce. His wife is out of state (FLA), and he is here in AZ. They are in preforeclosure.
Numbers:
ARV: 310-325K....but low comps in area of 260K that I could use for short sale pkg.
1st: 235k Countrywide
2nd: 50K Bank One
Seller says he just wants out of it, but wife is not speaking to him. If I can get wife to do q-claim and notarize in Florida, do you think I can short sale 2nd for about 10K and pick this up for 245K?
Home needs a bit of work (10K) in landscaping, and just general clean-up. I plan to take nasty photos to show work needed. It is 5 years old, and in generally good shape...all this is according to seller. I take a look at home tonight.
My exit strategy would be to flip it to investor/buyer for a profit, or retail it (I am a realtor, so commission expense not a factor). :-?
You don't mention the property's as-is, fair market value... which is crucial to know before contemplating a ss.
[addsig]
Oops...
There has been a few recent sales in the area that were in need of slight work or were preforeclosure that have sold in the 260-270K range.
Who knows what a BPO might come in at, but I belive I could justify a 260-270K as-is value if I met with the BPO agent when it was completed.
Unless the first mortgage is FHA insured, what you propose sounds feasible.
[addsig]
We agree with SS Pro.
Move quickly and get the property under your legal control if you decide to move forward.
Eric & Rosa
[addsig]