tell me anything but I can’t do it, A family member is willing to sell their investment property to me to reduce their monthly amount of bills they are willing to pay the $110,250 that will be outstanding after the sell at one of those rates list below once the short sell to me occurred. I will need at least $41,250 I will use $30,000 to fix it up right and offer a $15,000 fix-up allowances and/or maybe some closing too, who knows long as I can make $50,000 to $60,000 if I can sell it for $400,000-$500,000 this is good deal, (“yes”???)
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Will a bank approve a short sell under these conditions when the owner is willing to pay the difference between the short sell and loan balance.
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Is there a way I can get hardmoney financed to purchase and fix up then resale turn round time of 1 month or 30days after I close on the short sell.
In Ft. Washington Maryland where this property is located single family houses this size average 475,000+ BASED ON RECENT SOLD COMPS
Any advice would be greatly appreciated might have two buyers lined up
The lender wins no matter what, (“yes”???)
Short sell of Cedar
Pay Off $424,000
monthly payment with this balance $3700+/-
Short Sell Price $315,000
Amount outstanding out side the sell $110,240
monthly payment with this balance
at 9.000% payment is $1,118
at 11.00% payment is $1,253
at 13.00% payment is $1,394
Monthly savings after short sale
at 9.000% payment is $2,582
at 11.00% payment is $2,447
at 13.00% payment is $2,306