Monday Morning Coffee – Short Sell and Keep Your Home
0 Comments | Posted by Scott Voak in Foreclosure Alternatives, Monday Morning Coffee
Monday Morning Coffee
Short Sale Alternative
February 8, 2010
Good morning. I hope you had a nice weekend and enjoyed the Super Bowl (in which case you don’t live in Indianapolis). We had a busy week which included both a positive and a negative short sale experience. Banks are starting to be more aggressive in seeking additional funds from sellers trying to short sell houses if they think they can get it and they are also less willing to delay foreclosure if they think foreclosing is in their best interests. Details are long and probably of little interest to most of you, but if you are considering a short sale, let me know and I will fill you in.
Speaking of short sales, I have an exciting alternative for those of you who might be stuck in a situation where you could lose your home. I have an investor who is willing to either buy your home in a short sale and rent it back to you for 3 years until you can buy it back from him (at the same price he paid) or, help you buy a different home after you short sell yours. I met with him two weeks ago on this program and while it will not work for everyone, it will work for some. His goal is cash flow, so the way the program works is that you pay all his loan costs, taxes, maintenance, etc. (once he buys the home, he doesn’t put any more into it) plus a monthly fee to him. The numbers are somewhat complicated, but if you are in a home that is worth about 35-40% less than what you owe and have a good income, he might be able to help you. If so, shoot me an email and I will get back to you.
We have one new home this week. It is a short sale in the Gianni complex at 4S Ranch. It is a 3 bedroom condo with very nice upgrades. The seller is asking $399k.
That’s it, enjoy the Coffee!
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Have a Great Week!
Scott Voak
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