Theshortsalepro-IVE BEEN WATCHING YOU!
I have a SS deal.
Spanking new building in a depreciating/competitive neighborhood where newer buildings are commanding more $$$.
The Judgement of Sale will be filed on Nov 30,2005. Owner is very willing to work with me,extremely motivated.
1. Area Comps:( my research): $ 250,000
2. Ist Mortgage bal: $ 193,000
3. 2nd Mortgage bal: $ 45,000
4. 3-4 months due on association fees.( $ 323 per month)
5. Not filed bankruptcy.
6. No other liens/judgements as per her( Will do a title search tomm)
7. Cannot buy the property myself, so would like to do a double closing.
Want to Shortsale with lenders for total of $ 101,000 as property has been on the market for about 90 days (Realtor.com),then wholesale it for $ 160-170K. Will sell like hotcakes as property is very well maintained, with indoor parking and indoor heated pool( for building).
Whaddya think?
[ Edited by TheShortSalePro on Date 11/25/2005 ]
Thank you for considering my offer Short Sale Pro. You are right about the as-is value. I found out from the realtor friend today that for that type of property, it ranges from $201,000 to $ 225,000. She owes exactly $ 238,000. So even when the lender orders BPO, he might end up with something lower than $ 240,000. Nobody will pay more than that ,is what my realtor said.
Thanks for the advice. Will keep you updated on the deal. This is my first one.
In my neck of the woods, folks facing foreclosure get about 200 cards and letters when their name first appears on the list. 99% are boilerplate, impersonal junk that gets tossed in the trash... either opened or unopened.
It might be the same in your neck of the woods.
You have to do something creative. Set yourself apart from the rest of the competition.
Lumpy mail
Put a pumpkin on their doorstep with your contact info on it
etc.
Stuff like that