I have a FHA shortsale approval with lender agreeing to net $71,753 and the lender is willing to pay up to $8,196 in closing costs as long as they net $71,753.The market comes out to be 95-95k ARV.We are getting a $4,500 rebate from the realtor. CITI mtg wants us to close by 9/17/06(10 days).The owners are squatters “moving out soon”. What do you think is our best option?
I’ve been reccomended to sell to a regular buyer super cheap at $79,950($71,753+ $8,196) where the original seller goes to closing.Do you think this is wise?
probably, however you can move them out quickly as FHA give a $1,000 incentive to the sellers so they don’t have to go throught the eviction process.
You get them the $1,000 once they have signed the HUD.
Now, the reason you are doing it this way of course is because you didn’t take the deed in a trust did you?
If you had done your deed package correctly you would also have power of attorney and the sellers wouldn’t need to be there.
TG
I am a little confused about the numbers. Where are you making your profit if the lender is netting $71K and you want to sell around $80k? And where are you located with such high closing costs? I thought TX was high!
Denise