We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
August 18, 2022, 03:33:22 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
August 18, 2022, 03:33:22 am
Home Help Search Calendar Login Register

Author Topic: Question  (Read 3428 times)

Offline vdini

  • Member
  • *
  • Posts: 19
Question
« on: August 28, 2006, 03:30:41 pm »
I know of someone needing to sell their house due to foreclosure, and they need to move. They say the house value is estimated 133K and they asking 60K

However.....the remaining mortgage balance is 133K - so what happens here?

Thanks.

Offline Dmiller

  • Member
  • **
  • Posts: 97
Re:Question
« Reply #1 on: August 28, 2006, 03:53:10 pm »
something doesn't add up here:

They are in foreclosure, yet are willing to bring to closing the 73K difference?

This sounds like a short sale being wholesaled, as I don't see a bank letting them do their own shortsale?

We need more info than what your giving, or what they are telling you.  




Offline vdini

  • Member
  • *
  • Posts: 19
Re:Question
« Reply #2 on: August 28, 2006, 04:46:01 pm »
Hello,

This is all I have (Minus propreitary info)..

Description:  2 story house  
Why Selling:  Foreclosure and moving real soon  
Property Type:  Single Family  
Pool:  No  
Square Feet:  1200-1500  
Bedrooms:  3  
Baths:  2.5  
Garage:  2  
Occupied:  No  
Realtor:  No  
Asking Price:  60,000  
Estimated Value:  133,000  
Lowest Acceptable Offer 50,000  
Value Source:  Other  
Repairs:  None  
First Mortgage Balance:  133,000  
First Mortgage Rate:  8  
First Mortgage Payment:  1,075.76  
Behind On Payments:  In Foreclosure  
Amt Behind:  7,000  

I have contact info and everything, should I just contact and ask why they are asking that amoung if they still owe so much?

Thank you!

 

Offline jcmay

  • Member
  • *
  • Posts: 32
Re:Question
« Reply #3 on: August 28, 2006, 05:23:50 pm »
If they are selling for less than they owe, this is called a short sale and a bank approval is required.  Basically, the bank is taking a huge hit and it has to be approved by them.

Offline Tony Chicago

  • Member
  • **
  • Posts: 69
Re:Question
« Reply #4 on: August 29, 2006, 07:54:13 pm »
Something is totally off.  Numbers don't make any sense.  You better verify with them.

Offline vdini

  • Member
  • *
  • Posts: 19
Re:Question
« Reply #5 on: August 29, 2006, 08:01:47 pm »
I thought it was very odd too, that is why I posted this thread. Anyhow, I decided to leave that alone as I have many other leads that are not so quirky :)

Offline Tony Chicago

  • Member
  • **
  • Posts: 69
Re:Question
« Reply #6 on: August 29, 2006, 08:25:52 pm »
If the asking price is 160K and not 60K, then you have a deal.  There is just no way those numbers are accurate.  Double check with them.  Give it a try.

Chicago wholesaler...out.

Any other ?????s

 




SMF 2.0.15 | SMF © 2017, Simple Machines