Help Me Understand This..
I have a house that is worth about 95k and the owners owe about 95k. They are going into foreclosure. The house is in good condition, its only 2 years old.
The owners are willing to work with me to help facilitate a short sale, now at first I though this would be a good candidate but the more I think about it, the less I think that it would in fact be a good short sale, because the lender will most likely be able to make up more money by selling it them selves than they would get from my offer...
I was thinking of offering them about 80% of what its worth to create close to 20k in equity for my self.
Anyways, the net sheet that I have to put together is what confuses me a little bit. On this sheet I should have what the lender will get total out of the deal, right? So I would have my offer less broker and closing fees?
If anyone could shed some light and provide some more specifics on the net sheet it would be greatly appreciated.
Also any opinions on this deal and the feasibility of it? If anything, I think it would be good practice to at least try and do this deal..
Try thinking about this from the mortgagee's point of view...
Realistically, what would their net recovery be if they completed the foreclosure, took back the property, evicted the holdovers, then sold it.
Offer them that, now, and give enough documentation so that their assess are covered.... that is the essence of a successful short sale proposal.