Here’s the deal.
Client is in bankruptcy, and his home is in the foreclosure process. Initially I tried to save him with a refinance, but he is beyond help from any mortgage lenders or banks that I work with. So now my goal is to help him avoid the foreclosure ding on his credit report and help him get a home 6 months or 12 months down the road.
So my goal is to buy his home from him. He initially owed 121K, but with late fees and such, his payoff came back at 149K. The problem is, that he also owes 31K in taxes. The bank had an appraisal done and it came in at 173k. My partner is a realtor and looking at the comps, we figured closer to 185k.
THe bank is Beneficial and the lady in the foreclosure department has been pretty helpful. She said that she going to send another appraiser out there to do an internal appraisal. I would like to offer $90k-100k to the bank and pay the taxes so that I am in (after closing costs) at no more than 135K.
My question is: is it possible? Will they take that much off? What is there motivation to knock off so much. I havent personally seen the home, yet, and am trying to decide to work on this one or run away.
And what is BPO? I’ve seen it on a few posts regarding short sales.
Thanks for the help.
Let me know if I am missing something.
Tony Carse
Mortgages First Real Estate Services