All Forum Posts by: D.C. Sparrow

Hey Guys,

Thanks for the input. To answer some questions.

1.) There is no HOA

2.) Currently the status is Lis Pendens

3.) Taxes are behind 2 yrs roughly 9k

4.) No liens or title problems or in the public records however, the title and lien search will be performed tomorrow. I will report results here tomorrow.

5.) The property As-Is could sell right now for 225k to 240k - ARV is 350k-360k

6.) Asking the bank for a discount is just an option, I understand they can continue with foreclosure and be made whole. I don't like this option, nevertheless it is an option.

I have a contract on the property now. I think the path of least resistance is to wholesale it to someone who understands the risks. The path of resistance is to get special warranty deed, rehab it, sell it and pay off original mortgage. The latter option will hinge upon the title and lien search being clear and that the bank does not move the foreclosure process to final judgement.

I welcome your thoughts.

The property needs a bathroom, kitchen, air condition ducts (air conditioning does not flow throughout the entire house) and repair to ceiling in living room (rafters are exposed) I would have to spend some money if I just did a SWD and move renters in.

It's worth about 350 to 360k ez. 243k is owed on it but it needs 50k of work. I'm just trying to see how I will fare with doing a special warranty asking the bank for a discounted pay off, fixing it, then reselling or wholesaling the deed and letting someone seal with the whole kit and kaboodle. I think it wood be worth the trouble of dealing with bank asking for a discounted pay off or just paying the 243k putting in the 50k rehab and reselling for 350k. I just don't want a deed change to trigger legal ramifications.

Yes, they are walking away from the agreement to do a short sale. So, they want 5k for the subject 2.

Hey Experts,

I signed a contract to do a short sale with a homeowner. However, now they won't sign authorization to release nor continue with the short sale. They want to walk away and will sign a warranty deed for 5k. The property is in a great area. The mortgage is 239k, Rehab cost 35k to 45k, property once rehabbed could sell for 350k. What legal and bank issues will I face? What's the best strategy for this property? The property is in Florida.

Hi Everyone,

This is a great forum. I appreciate that everyone is here to help the next guy. I live in the Ft Lauderdale/Miami area. It's great here, the weather, the people, beaches, excellent. I moved here from NY sometime ago and have not gone back. The real estate market has slowed a bit here. The average time a home is on the market went from 2 hours to 3 or more months.

However, it's still a great place to pick up some good deals, they are just a little less than they were last year this time.