OfflineHi all,
I am looking for someone to help me with my first short sale. I currently have a owner how is going to lose his home unless we hepl him with it. I have already have permission to contact his mortgage company and he just wants out. I am willing to split the profit from sale.
Thanks,
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Have you gone through the house and found out what work it needs? Do you have a buyer's list of Cash investors? Can you qualify for loan to close on the property? Once you find out the FMV; deduct the repair costs, your profit (if you're going to assign), realtor's commission, and other associate closing costs to come up with your offer to present to the bank. If you can find a family member or friend willing to co-sign on loan for you then find out the fair market rent for the area that the house is located in. Negiotate the offer to get the price down were you would need it to be to have a positive cash flow every month after all of your expenses have been paid from that month's rent to cover. You would also have the option of doing a lease opiton if you purchase property yourself.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Hi Joseph,
Congratulations on this great find. Sounds like you have a master plan in mind. Most important is to get a buyer in place, hopefully a cash investor, immediately. Ask an agent to pull comps on simular properties. Or check to see if the owner has a recent, 6 months or less, appraisal already done. Start your offer low because it is harder to price down than up. Continued success.....Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"