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velecico
3214 Posts |
 Posted - 05/23/2008 : 11:09:15 AM
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Looking for an FHA buyer on a shortsale , no money required just good credit and about a 50K income to qualify , must occupy one of the units , management company will collect rents from other unit to cover mortgage , this person will basically live mortgage free for 24 months , great opportunity for someone to save money and build up credit |
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South Shore
257 Posts |
Posted - 05/23/2008 : 11:20:41 AM
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what town in NJ? I may have someone.
Please forward more details. |
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velecico
3214 Posts |
Posted - 05/23/2008 : 11:28:32 AM
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Its in Northfield NJ , solid neighborhood , 3 minutes from beaches |
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CoralSnake
10291 Posts |
Posted - 05/23/2008 : 11:30:02 AM
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| 2 Family, I assume? |
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velecico
3214 Posts |
Posted - 05/26/2008 : 12:36:44 PM
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Yes , 2 family with a detached 3.5 car 1200 sq ft A frame garage thats also rented for $650 , main home is 4BR 2.5 bath rented for $1750 and a 1Br 1 bath attched to the home rented for $800 |
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isitfree
705 Posts |
Posted - 05/26/2008 : 1:15:14 PM
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Nick, it's doubtful the shorting lender will participate in seller funded DPA. Paying buyer's closing costs is also a maybe.
I don't know if that is what you had in mind with 'no money required'. Sorry if I got that wrong. |
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CoralSnake
10291 Posts |
Posted - 05/26/2008 : 1:23:01 PM
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| What is the purchase price on the shortsale vs actual value? |
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velecico
3214 Posts |
Posted - 05/28/2008 : 08:49:36 AM
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Well , the loan is an 80/20 combo , 300 first 75 second , I figure the value to be right around 300 , so if the first lender takes 250 , then we have 50 left over for the second , closing cost and DPA ( I can set that up through a local non profit ) , dont even know if that would work , but its worth a shot , mortgage will be 90 days down as of June 1 |
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isitfree
705 Posts |
Posted - 05/28/2008 : 09:44:31 AM
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| The second gets $1,000 when shorting the first. |
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velecico
3214 Posts |
Posted - 06/04/2008 : 4:46:42 PM
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quote:
Originally posted by isitfree
The second gets $1,000 when shorting the first.
who decides that ? |
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isitfree
705 Posts |
Posted - 06/05/2008 : 5:47:10 PM
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quote:
Originally posted by velecico
quote:
Originally posted by isitfree
The second gets $1,000 when shorting the first.
who decides that ?
The first mortgagee. |
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velecico
3214 Posts |
Posted - 06/05/2008 : 7:53:25 PM
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I doubt that |
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