Short sale Help

Got owner who wants to walk away from a property in pre foreclosure. Seeems to be a perfect short sale candidate. Need some one to help with the deal. :help

Then we would need some numbers.

OK sorry! The house is valued at approx. $200,000. The owner owes 158K and is currently 9 PMTs behind. PMTs are $1500. What’s the best strategy to use? Or what’s the next step. I currently have the owner under contract. Thanks for your input

Correction the owner is six payments behind

What state are you in? One of the things you should know is exactly how long the foreclosure processes is in your state. For all you know, the property could be going to sheriff sale next week. Verify if an auction is scheduled and if not great.

From there, call the homeowner and ask them to gather all the neccessary documents to do the short sale!

Gather the following
-2 months bank statement
-1 month paystubs
-2 year tax return and w2s

Get done with the homeowner
-Authorization to Release
-Sales Contract
-hardship letter
-financial worksheet

There is no short sale.

158,000/200,000=80%ish LTV

The old rule if LTV is greater than 70%, walk away.

Find the next one.

I’m in Texas. The property goes to sale in November . Would this be a good sub2 candidate? If not short sale

What work does it need?

If you can buy it at balance owed and flip it then you COULD make a quick 30K after costs. but I still don’t think it’s worth it.

The house is almost perfect as is and ready for retail. THe owner just wants to walk away, so I could get it for the 158k and retail it for 200k or wholesale it for less.

Just put an option on it. Record it and then go list the property with a realtor.