Hi all,
This could very well be my first one.
Found a house that is going to auction in 3 weeks.
Comps - 250K
first and second - 160K
Possibly there is the fees to be paid to the
"foreclosure mill"attorneys and some missed
mortgage payments.
Otherwise no other encumbrances.
The house has been sitting in the market listed
by a realtor for around 3 months. Priced too high.
What is a fair price to pay?
I know some investors will not offer anything more
than 65-70% of ARV.
The plan is to submit an offer with a 24hour acceptance
contingency for a cash closing. I have not made
contact with the seller, but do folks suggest that
i ask the selling realtor let me get to the sellers?
I have excellent credit and assuming the
non assumable mortgage will not be an issue, but
was wondering why even bother
the bank to work it out when i might turn around and
sell in a few months.
How to fund? I can pump 200K from a Heloc. Any
other options.?
If i transfer title, It is possible that there will be
seasoning issues if i sell it around say 2 to 4 months
or Asap. How can this be worked out?
Of course, the bank needs to have the mortgage paid
off to drop the foreclosure.
I see the best case to sell in April when the buyers are
out there.
Any thoughts?
Boy, these big numbers scare me. But gotta make headway.
-Krish