OfflineI found a condo who's owner is in pre-foreclosure and is looking for a way out. I've contacted the holders of both 1st & 2nd mortgages and I need help structuring the deal.
Condo details.
1st Mortgage ---- $139,000
2nd Mortgage ---- $49,000 "equity line of credit"
Condo fees ---- $6,100
FMV of the condo: $70,000
The 2nd note holder is willing to accept my offer of $9,000. But will not agree to a short sale.
Condo fees will accept $3,000
Now here's where I run into problems. The 1st Mortgage holder will agree only to a short sale. And only @ FMV.
I've not yet approached them with an offer.
If I can get feedback on how to proceed with the deal from this point, it would be greatly appreciated.
__________________
Here is the deal - the second mortgage is already doing a short sale by accepting $9,000 instead of $49,000.
If the first mortgage will not go lower than the $70,000 as a total your best to give your offer and see what happens. First has the best position. If property goes to the auction then the second will lose everything so your $9,000 is a comparably good deal.
Make an offer and see. This may be one that goes to auction that you would follow after the auction.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125