Hello,
All I’m newest of the newbies so please help!!!
Ameriquest Mortgage already excepted a short sale on this property from someone else for $100k but they wanted the person to pay all closing cost. The person didn’t agree so they walked away from the deal.
Thats when I got a call from the motivated seller (her sale date is 09-11-06) she would like to sale her house to me but she would like to stay in it and rent if from me.
I also warned her that she probably won’t be able to do this and she said if she can’t stay in the house she would need help moving.
The ARV is $130-$134
The comps in the area shows thats what the homes are selling for.
My first question is what would you do with this property if you were me?
Would you try to short sale it lower then the $100k?
I also see alot of talk about loss mitigation and forbearances where the person can stay in there home
if anyone knows anything about this it would help me out aswell?
Thank you for your help in advance
Remember her sale date is 09-11-06 so time is urgent.
what can I do in the least amount of time to hurry and hopefully push out the sale date
Her being a motivated seller is the tool you should focus on as you move forward with negotiations with her. If she is truly adamant about staying, have her push the price below the $100K. You have the upper hand in this negotiation and will ultimately be doing her a service - relieveing her debt and not relieving her of her home! -
I would enter serious negotiations and let her stay with a strict lease that protects you in the event of a default on her part. Have a good lawyer draw up a tight lease so you’re covered. If you need help, I may be able to refer someone (depending on the area).
I don’t know about the forbearance law. I am familiar with it, but I am not one to advise here. I will ask my partners tomorrow and try to get an answer for you. My partners and I are fierce (and nice!) I’d love to help if I can.
kmilinvest,
Did you find the BPO value from the prior ss attempt? I would definately try to get Ameriquest below the $100k. Get a repair estimate and low comps, and have Ameriquest do an(other) interior BPO. Meet the BPO agent (realtor) and influence the value by pointing out the repairs and providing him with a copy of the low comps and repairs.
Do you have a cost of repairs estimate? What is your exit strategy? Do you intend to wholesale or rehab? Depending on your strategy, what are your profit goals?
This may very well be a good deal, but it depends on a number of variable including the answers to the previous questions. I have submitted over fifty short sale packages to Ameriquest and they will short a good amount as long as you make your case.
Ameriqest now calls me with deals they’d like to have shorted. Make sure your short sale package supports your offer. Include local news stories and others statistics to help with this.
Ameriquest will postpone the sheriff sale if a valid short sale is in progress. It doesn’t make sense for them to race themselves to the court house steps.