| 11-01-2006, 06:43 PM | #1 |
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Major General
 
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real estate people - I need your help
Hi everone.
Since I love the E90 gang so much because they're a helpful community, i thought I'd post here instead of elsewhere. Here's my need I have a friend who lives in Colorado and she needs a short sale on her home. Since I've never done one, I was hoping someone could help me out and point me in the right direction. I know I need to call the banks and such but here's the main issue. There's someone in position 2 who has a 15K lein on the property. He's being a prick and won't let go unless he get's $25K. I want to offer him $10K to get the hell out of my way BUT even with 10K the numbers are stacking up against me. Here's some info orig loan amnt - $96K Late 13K bank willing to SS it for 80K (from what I heard) 2nd lein wants $25K from 15K owed CMA is around 96K Needs new roof on house (can i get away with 10K?) I'm thinking of offering the bank 55-60K and somehow telling the other guy 10K cash to leave me alone and give me lein. Anything I need to really know before going in at this SS? BTW - prop will be rented ASAP after close (if the deal makes sense for me) do I need a RE agent to write the HUD-1 from CO or can someone from CA do it? What's the commision rate in the Grand Rapids area for REA's Thanks |
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