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January 20, 2022, 02:07:47 am
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January 20, 2022, 02:07:47 am
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Author Topic: CAN THIS BE DONE IF SO HELP PLEASE  (Read 1489 times)

Offline real money

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CAN THIS BE DONE IF SO HELP PLEASE
« on: August 28, 2007, 02:49:12 pm »
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"???)


1. 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.

2. 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

Offline reiauctions

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Re: CAN THIS BE DONE IF SO HELP PLEASE
« Reply #1 on: August 29, 2007, 11:45:38 am »
I'm not sure I understand.  Is the owner of the property in default?  If not, how can you do a short sale? 
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Tom Wood

Offline real estate 001

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Re: CAN THIS BE DONE IF SO HELP PLEASE
« Reply #2 on: August 29, 2007, 05:55:18 pm »
 :cool      I am confused if the  owner is not  behind in payments why would you think the bank would do anything like a short sale ??

 THEY are getting there monthly payments  correct?????

Offline Mdhaas

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Re: CAN THIS BE DONE IF SO HELP PLEASE
« Reply #3 on: August 30, 2007, 05:07:47 am »
Apparently I am understanding this like everyone else.  The seller is not in default and you are wanting to present the bank with a short sale opportunity?  Why would they want to do that?

If at first you don't succeed.....................skydiving is not for you

 




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