I received a call from a person who responded to a bandit sign looking to sell his property…
Finally…
I have asked him many questions… and his response is he is contemplating Bankruptcy but dosent really know what to do…
He is 5 Mo. Behind on Mortgage Payments which are like now 1800.00 per mo…
This is a 80’s dbl wide Trailer on Approximately 1 Acre of Land…
He said his Balance he owed was 147K before all the fees… From AMC formerly Ameriquest…
because the Property is a Dbl wide and payment 1800 per mo… the sale / or Lease Option would be much harder… and wouldnt work for this… ( and he’s 5 Months behind )
The Land…
I figure a lot of approx. 1 acr. is going for @ 80-100K ( 90K would be for a quicker sale… or 80k even faster say 60 Days or less)
The Dbl Wide trailer needs a about 2-5K in repairs to make nice and clean again… ( Ready to sell & Repairs…)
I can only find comps for single wides and they run 40-60K with no lots with approx one acre lots @ 150K
So Im figuring that is about what he owes for his property so would need to do a short sale with AMC to make this worthwhile for new buyer, investor, or for Filp or L/O…
What would the typical short sale discount be for a property with AMC ? This i do not know how to gage… is it 50 % ? Is it 65% is it 70 or 80…?
I know from the field card the appraisal was 214K but not sure when that was last… since property values went down like 20 % here in CT since 2005
The Assessed Value from Street card is 149,700 which is generally 70% …
What would I be able to do with this deal… Im thinking short sale…
should I try to talk him outta Bankruptcy…? Leave this property out of the Bank Ruptcy…
Let him file Bank Ruptcy to buy more time for him and us…???
Again, What would the typical short sale discount be for a property with AMC ? This i do not know how to gage… is it 50 % ? Is it 65% is it 70 or 80…? What should I be offering the Bank/ Lender in this case…?
So I could resell to investor or enduser in time… Id reather be in and out by flipping…
I know i will need Auth to Release… and Limited pwr of Attny…
What else…?
Do I get a deed ? do I put into trust? get a equity split agreement…?
Any advice from you experienced shortsalers and savvy investors would be appreciated… and most of all i’d love to be able to help him outta foreclosure…
Please Reply ASAP… Time Sensitive
Thanks you all in advance…
Mohegan