Preforeclosure AZ - How To Proceed - Help!
I posted in the foreclosure forum until I realized this case would be a SS. Owners are unable to make payments any longer. 4 months behind on 1st, 1 month behind on 2nd. For some reason they kept paying the 2nd. This is in Arizona so I am unaware of the timeline there. Here are the numbers: $6600 arrears $1200 repairs 1st - $152K 2nd - $40K Comps: $164 - $210K Is my next step to get the SS package from the 1st and 2nd? Do I need the owners to sign over the deed and a power of attorney in order for me to negotiate with the banks? Do I need a payoff letter to show the 2nd that the first is foreclosing and hopefully get a discount? Any assistance you can provide this newbie is much appreciated. Thanks! Jay
Comments(0)
"I would get the the deed (best thing ever)"
I disagree, especially with respect to an attempted preforeclosure short sale. It is, in fact, unnecessary, and specifically contraindicated.
whats next? find your buyer or try to get it funded. but i might do a title search right away to make sure you know what you are getting into.