My condo is about to be foreclosed on and the auction date it nov 13th…It is worth about $161K and I owe $185K…Is it possible to sell it to an investor/buyer for $100K and I just have a judgement of $85K…We’ve tried a short sale but they wont budge…Can I just sell it subject to or deep them the property…I’m just looking to get $5K out of the deal for selling it cheap…Is this possible or is it a long shot…
DOES ANYONE KNOW THE ANSWER…PLEASE HELP!!!
Since the auction date is less than 3 weeks away, you will need to act FAST! Call any “we buy houses” signs in your area and tell them your situation. What were the amount of the repairs?You say you stried a short? Well, tell the same investor that he has the opportunity to buy it from you for 85k, and being that this is a slow market, investors are looking for 65% - repairs and just to be safe(knowing you only have an estimate for what it is worth about 161k…We will just say that it will move at 150k and 65% of that is 97k - whatever repairs there are. Depending on the repairs, there might be a deal, but what about the $$$ in expenses that the bank has forked out in this process? You might have a subject to? How much are you behind? We need more details to give a solution really…
When you attempted the short sale did you offer to personally guarantee the balance? If not you can try to have an investor / buyer who will purchase the property for $100k if the bank is willing to allow you to personally guarantee the balance.
You can try to work with a third party loss mitigation company to negotiate a loan modification or repayment plan. Then once you are in the clear and not still heading for foreclosure, you can take your time and sell it for market value.