Would you do this deal? a.k.a. Do the numbers work?

Hi guys,

Im working on a deal now where

Payoff amount is $191,856
Zillow says the house’s value is $205, 800

House was appraised for a re-finance and came in at $215,000 in November of 2004. I am planning on getting comps done on the property tomorrow.

Home is in decent shape. Built in 1978. Could use a little work but not bad. (Although I am very new and have no idea what Im talking about here Planning on having an inspection done if the initial numbers indicate moving forward on the deal.

Right now the auction date is 7/12/06. The house is in NC.

My first questions are If the above numbers are correct, is this a good candidate for a short sale? Do I have enough time? If not, should I move try to get an extension?

Thank you for any help or guidence!

This deal to me looks good, if you are able to do the short sale, do it. you have the time to do that. Have you ever done a short sale before?

This would be my first, and I am very ready to take on the challenge! Im getting the comps done tomorrow, and after that I will probably start the ball rolling with the short sale paperwork, if like you say, there is still enough time.

I was also thinking we could file an extension if needed as well.