please advise...would this make a good short sale?

Foreclosures, Short Sales, Tax Foreclosures
1

Hello…I am a pre-foreclosure and short sale newbie. I am working in partnership with a short sale investor, and I came across this lead. In your opinion, would this make a good short sale? I left lead on my investors voice mail and sent them to him via email and in the meantime, I am waiting to hear from my investor. Please advise.

LISTED WITH REALTOR : No
PROPERTY TYPE : Single Family Home
BEDROOMS : 3
BATHROOMS : 2.5
SQUARE FEET : 2500
OTHER FEATURES : two car garage, deck 9 tenths of an acrear
REPAIR DETAILS : carpet, paint, little repairs in bathrooms
ESTIMATED VALUE : 135000.00
ASKING PRICE : 124000.00
MORTGAGE BALANCE : 109000.00
MONTHLY PAYMENT : 1140.00
ARE PAYMENTS CURRENT : No
LIENS DETAILS : owe 10,000.00 in taxes on house
OTHER DETAILS : time is right now please call as soon as possible
thanks.
SELLING URGENCY : Today
SELLING REASON : dirvorce

2

Millionaire1,

My first question is what repairs are needed? Assuming there is not a second note…with the tax liens and the equity spread, the deal doesn’t make sense. When you add the tax lien to the asking price, you’re at market value! Then you’ll try for a 20% discount…you’re not on a good path with these numbers. Now, if you could buy it for what they owe, then you have the makings for a good deal.

Also, on a scale of 1-10, how motivated are the sellers? Are they a 9 or 10? If they are anything less than a 9 or 10, I would say “next”! Based on these numbers, I would walk. Best to you!

Regards,

Davedog27

3

I would agree with the post above.

Joel

4

B,

Thanks for your note…Glad to help. If I can be of help again, don’t hesitate to write. Good luck!