Motivated Seller In PA Needs Investor
I have a property in North Wales, PA that I am having a really difficult time selling, renting, or lease optioning on my own. I tried two different agents, but their commissions put the price out of market range for the property. I owe $223,000 but have a $9,000 pre-payment penalty that doesn't expire until 12/06. Market price for the property is $235k-$240k. 5BR, 2BA, .23acre, 2150sq ft. excellent condition.
I would like to talk to someone about my options and am at the point where I need to turn to someone else for help. I am 30 days behind on the mortgage and owe $2800 in taxes for 2004. I am open to a subject to deal if you can take over payments immediately. I am not too familiar with short sale - I would need more information on how this would impact my credit before I decided to go this route.
Please email me at **Please See My Profile** for my cell # so we can talk. Thanks! :-?
If the house is foreclosed on or you file BK you can clean up your credit and buy a house you can afford in two years (conforming) or less (non-conforming). If you do a shortsale, you will owe the bank the difference of the money. Short sales are good for investors not always good for the home owner. You can file a BK and include the judgement that the bank will put on you.
This is really not great news
Lori
[addsig]
Thanks for your reply with info on short sale. You are right, this does not sound like a good option for me. Maybe subject to or some other creative REI means would work for my situation.
There's a proper place on TCI to list RE for sale, and a listing there would likely get you results.
Quote:
On 2004-11-02 13:58, tinman1755 wrote:
If the house is foreclosed on or you file BK you can clean up your credit and buy a house you can afford in two years (conforming) or less (non-conforming). If you do a shortsale, you will owe the bank the difference of the money. Short sales are good for investors not always good for the home owner. You can file a BK and include the judgement that the bank will put on you.
This is really not great news
Lori
Lori,
You are giving incorrect information. It would be much better for the homeowner in terms of saving their credit to do a short sale. If their lender agrees to short sale, that means that they agree to take less then what the HO owes, therefore the homeowner will NOT owe the difference to the bank. Also, BK and foreclosure stays on your record for 7 years or longer, NOT 2 years.