Possible SS Candidate?
Is this a possible short sale candidate?
AS-IS - 85K
1st mortgage - 70K
2nd mortgage - 20K
House is in good shape
Scheduled for sale the 1st week of April
I was thinking of paying the 2nd off (2 or 3k) and making a short offer of 45k.
House is listed above 85k for months and has not sold.
Thanks
Is it a candidate? Sure.
Will it get accepted...who knows. It's not going to take you very long to find out, so it's always worth a try, right?
The only problem I see with this is that the sale is scheduled for 1st week of April. The bank may just figure why short it now? Also, if they do accept a short be prepared and have all your ducks in a row to get it taken care of.
Ryan J. Schnabel
IMHO, that's a good candidate for a short, but what you're bottlekneck seems to be, will be which bank you're dealing with. some move fast and don't require much to process your offer - some want upwards of 21 days to process and won't stop a sale without ample time to review.
i'd contact the loss mit department and ask them what kind of time they need to process a short offer - the sale date is coming. they may just be willing to hear if they don't feel good about their prospects at sale. give it a shot!
The junior mortgagee should be willing to consider accepting a short sale proposal, but the first may or may not. And if they are willing to consider a short, how would you justify an offer of $45,000 (52% of FMV)? For a discount like that, you better have some pretty good ammo.
How accurate are your projected payoffs? How accurate is your estimation of the as-is, FMV?