I have a homeowner that has an auction date of Feb 22, 2007. He has a first that he owes 100K and a second that he owes 45K I have contracts signed and have contacted the lenders. Should I try for a short sale with this little time? Or should I quit claim the property and try to flip?
What is the house worth?
How would a quit claim deed work in this case?
…I’m still learning.
The house is worth 155K. I have spoken with the second lien holder and they are willing to take 10K for their payoff. I am hoping to get the first down around 80K Do you think this is possible?
Per my understanding,
You should have better luck getting the 2nd mortgage to go lower, because they know that if foreclosure happens, they get the scraps after the 1st mortgage collects…aka=nothing.
If the house is worth 155 FMV, you have to have a strong case to get the first to discount since they can foreclose, pay 10K to fix, 10K for attorney fees, 15K to RE agent to market the house, and still “make” 15-20K on an REO sale.
Good luck though, I can’t seem to get any of my leads to want to lock into trying for short sale. They are so damn flaky…or they want 10K…lol
~joshua