How Would You Handle This?
I am not sure how to proceed with this... any ideas? Found a house in a GREAT neighborhood. Needs some TLC. Notice has been filed. Listiing with realtor jsut expired. After pulling property records etc... here is what i have.
Listing price was 550k
Fedral tax lein 15k
1st mtg 400k
2nd mtg 35k (loc)
3rd mtg 120k (loc)
Notice of realtor commission (expired)
L P filed on 1st
Market Price after repair 650k
Repair/TLC 25k
Any thoughts on this? Best way to proceed? This is one i would consider moving into for 2 years.
Need some info from you. What's LOC mean, and what's the as-is, fair market value of the property?
sorry...
loc= line of credit
I would say that fair market retail in its current condition... They might be alittle high. Lets say 500k. Not as easy to pinpoint on these higher end properties. Not alot of competition around here for rehab for prices in that range.
I would have sugessted a hard money loan, or possible a lease option on the property, but there are still some unknowns.
Money or financing isn't the big issue. No problem on that side. Which of the leins, in what order need to be contacted. Which can be bought at discounts? what is the best way to take control of the property at the lowest price.?
Have you already contacted the owners and they are willing to work with you? First things first.
You need a fast education in short sells. If this is important you need more than you can get from this forum. Forum is OK for asking some questions but it will not teach you short sells. Buy some material and start listening and reading.
Brenda