Posted by B.L.Renfrow on April 15, 2004 at 14:33:50:
I see no deal here unless the lenders are willing to discount. You don’t mention the balances on both loans, nor what type of loans they are (FHA, VA, etc.), or whether the lenders are institutional or private. All of these things would factor into a decision. Regardless, without some serious discounting somewhere, this is simply a retail, full price deal.
Brian (NY)
How Would You Work This One(Michigan) - Posted by CARY
Posted by CARY on April 15, 2004 at 06:17:55:
I just had a motivated seller contact me who is $3500 behind in his mortgage payment and wants to move out ASAP. He said he cannot afford to make the payments any longer. Here is the information: 1100 sq ft, 3BR & 1 1/2 bath, 2+ car garage, all brick, very good conditon no repairs needed all appliances to stay. Estimated Value=170k.
Asking Price=165K=this is the total amount he owes
1st Mortgage Lender Payment Per Month = $1200
2nd Mortgage Lender payment Per Month = $337
The house is not listed with a realtor & with these numbers there is not much room for profit. homes in this area not renting or selling quickly. Any suggestions besides trying to do a short sale?