SALE POSTPONED!!!
We actually got the sale postponed on February 9th (the sale was scheduled for Feb 11th). How did we do it? We put a little heat on the loss mitigator, and she put pressure on the attorney who finally saw the light and postponed the sale.
In the mean time, we got Midland their own authorization to release (atr) and their own personal financial statement, so now the package is complete. We have the property for sale and are hoping to find our end buyer. We’re still waiting on the appraiser to call from Midland. We have our comps and our estimate of repair ready for the property.
BTW, the house is in nice shape and should be a breeze to get sold.
The problems with the house are: It’s in a neighborhood with many foreclosures. There are new houses being built fairly close. There are also bad neighborhoods nearby. Time on market is long. All of that will justify our opinion that the property is worth less than $100,000… which is our goal. We think we can get it sold for $109,000. If the appraisal comes in at $100,000, then our price to Midland will be about $84,000. If we can get it sold for $109,000, then we’re looking at at $25,000 spread. Take out closing costs and commission and any other costs, and we’re looking at $15,000 – $20,000 profit, which is very good for a house at this price and this condition.
Bottom line: Sale has been postponed. Waiting on appraisal.
Talk soon!
Marty Schulting
Top Foreclosure Training
Co-Founder and Coach
