Don’t know if the numbers work, but here is the process I use:
Get it under contract. Offer them $500 (or whatever) to sell the house subject to.
Run title.
If it’s clean, give them the money, get the deed and reinstate.
Start making payments.
In my limited experience, most banks need time to process your short sale offer. You may be too late, but it’s worth a try.
One factor I always consider is how far behind are they? Since this is, in effect, my down payment, the lower the better. Some non-deals become deals if you can buy and hold in a good area for $2-3k out of pocket. Especially since your name is not on the note.
I had a couple contact me about their home. The Sheriff’s sale is scheduled for June 22. Amount 119,000 and change. House is probably worth 150 if it were updated, but comps come in low. 80’s and low 90’s. Also, one can purchase a new construction for 150 to 160k, so why buy this home?
I specialize in homes under 100k, so this is out of my realm of expertise, but it is a very well built home needing updating to sell for top dollar. There is over an acre of land which is a big plus over the comps…they are on normal sized lots.
Question? At this point, can the note be reinstated, or will a bank (Norwest) just want all cash?
Question? What can I do? Is there an opportunity here I just can’t see? I have been concidering a short sale, but have never done one. And, is there time?
The lady is sueing just about everybody in her life. Her brother, her ex-sister-in-law, her doctor. Should I RUN? do not pass go, do not collect 200.00 ! LOL
I am not particularly interested in going into debt for 120k, and was hoping to get into this house with a wrap. But I fear they are too far gone for that.
So, I’ve been thinking. I know the Realtor they used to buy the home. The previous owner of the home was a Century 21 Broker. I could call them to find out a current value which would be better than my guestimate. But I should tie up the deal first so they don’t go in under me. If I were to give the seller an offer to tie it up, what would I do? I don’t think they would just deed it over to me, as they want to save the house, but as we spelled out last night, there is no hope of that. I would be willing to give them walking money, but in what manner? An option to buy, but at what price? A contract to purchase, but again, at what price? If I go witht he comps in the neighborhood, then why would the bank short sale it any lower than my offer?
