My First Short Sale ( Hopefully )
A realtor friend of mine is basically giving me this deal. I just have to remember her at settlement. Tell me what you think.....here goes....
33k balance on default mortgage, i'm offering the bank 40 cents on the dollar(realtor said that shouldn't be a problem)
Property needs 25k in work with an ARV of 70k ( comps to prove it )
I don't have all the details yet, but when I go to see her on Thursday I have the opporunity to get the contract to assign.
What should I look for??
Thanks in advance
Chris1220
I am a little confused. Are you going to short sell this yourself or are you thinking that someone will pay an assignment fee for a Purchase and Sales contract when the only exit strategy is a Short Sell? I do not think that they will. A short sell is impossible without the assistence of the home owner. Also, Short sells are not a sure thing and assuming that it will be no problem to get the bank to take 40 cents on the dollar is a wrong assumption.
Take the contract, work the short sell yourself and get some experience. But it is work and you will need to work with the owners. I just started doing them and I am enjoying the learning experience. And I even hope to make a couple of bucks.
Brenda
I guess I'm being pretty vaugue, so I apologize. I'm new to this. (obviously)
I am working with the owner, I left a message with her yesterday, she called me back, and I have a telphone appointment with her at 12:00 today... so I'll be able to give you more info after that.