HELP!! I Need Short Sale Advice Here
I am a day away from submitting an offer to a lender for my first short sale, heres the deal:
House principal balance- $122,000
House in arrears(w fees)-$21,000
Total-$144,000
FHA loan with Countrywide
I have the homeowners full cooperation
Comps are around- $180,000-190,000 in area
My offer to the homeowner was around 123,000 they accepted.
No BPO yet and i havent submitted my offer. My question is because its an FHA loan, how should i present the offer to the lender? What do the banks look for? What are their requirements to short sale a FHA loan?
I am preparing a hardship letter from the homeowners to the lender. What should the letter say?
I have estimates for work to be done to the property for $40,000
Lengthy building inspection report by a town inspector which has a ton of stuff to bring the property up to code before sale can close.
I am getting Low comps for area hoping for around $160,000
Pictures which make the property look bad.
The homeonwer wants $5000 for uhaul money and they have no money to pay the closing costs. Can I roll those amounts into the loan or does that have to come out of my pocket?
Is there anything I should know about woking a FHA deal like this?
Am I missing something guys..... this is my first deal I can leave no stone unturned.
I appreciate all your info
Thanks
Bill
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