Posted by Texas Spud on November 03, 2004 at 13:00:40:
The house is zoned residential. The developer of the subdivision had a vacant piece of land that was supposed to remain as undeveloped but was just revealed to be zoned commercial and has the potential for commercial development just behind the house. This makes the property less appealing to the typical homeowner.
Need creative ideas on this short sale - Posted by Texas Spud
Posted by Texas Spud on November 03, 2004 at 09:27:15:
Have done many Lonnie deals but just moved to Austin and am looking to get into SFH’s as well.
I’ve been working with a pre-foreclosure recently and here is the info:
1st lien holder will accept 203K
2nd lien holder just faxed me a notice that they will accept 3.6K on a 53K balance.
Home appraised 13 months ago for 265K
Home appraised last week for 220K
House has been on the market for 9 months (3 months at 219K)
Builder did not disclose that adjacent land (behind the house - fenced in yard) was commercial use, thus a tough time getting a buyer.
How can I make this one a win/win since the 1st lien holder is a small mortgage co that is not willing to be reasonable on what they will accept from a short sale?
Re: Need creative ideas on this short sale - Posted by e.eka
Posted by e.eka on November 03, 2004 at 17:27:26:
If the property has been sitting for 3 months at $219k, it’s not worth $219K. $219k-$3.6K-$203K = a bad choice or $12K gross. Closing fees, taxes, etc. If the 1st isn’t willing to take less, then it’s a waste of time. Not to mention that the adjacent lot is zoned commercial…a myriad of headaches. You can get a headache from work or your spouse, that’s a lot cheaper than dealing with this headache.
Re: Need creative ideas on this short sale - Posted by shorty
Posted by shorty on November 03, 2004 at 13:34:17:
You don’t mention what’s owed on the first… so it’s tough to decide if their offer to accept $203,000 is or isn’t reasonable.
Re: Need creative ideas - Posted by MaryN (CA)
Posted by MaryN (CA) on November 03, 2004 at 12:49:05:
What’s the zoning on house? If residential (SFR), can it be changed? (to 2 unit or more or commercial?)
Mary
mcnichols @aol.com