I think what this ad is really saying is Please somebody do something before I walk away:
relocating and need to get rid of my house
10K obo and i will give you my deed.
please anybody out there who can help????????? if you are an investor and know what you are doing you can make lots of money on this deal. if you are a regular joe looking for a house. this is a great deal to get into an awesome house and save money.
Here’s the financing options the seller recommends:
1.10K obo i give you my deed authorization on my 80/20 loan. will take about 10K to keep out of foreclosure on NOV 14 07.
2. lease option: $45,000 down payments are $4,000 a month
3. sell out right for $590,000
4. do a short sale with the bank and will sell to you for $450,000. We need verifyable funds for the entire amount, maximum of 90 days to do the deal, and a Non-Refundable deposit of $5k if you decide to back out of the deal at the last minute after given a yes by the bank. the 5K will go toward the purchase.
It sounds like getting the needed comps could be a little tricky:
When pulling comps. YOU CANNOT USE local or national comps. you need an appraiser that works this area ONLY. you will get inaccurate numbers. each house is indiviually custom built, with different amenitities and land.
With home sales slipping in September, the odds of a white knight riding in with an offer are not very good:
Officials from Mesa to Peoria are seeing the trend [of more homes being abandoned] and say newer subdivisions on the outskirts of town are some of the hardest hit. They tie it to declining home values, adjustable-rate mortgages, discouraged investors and owners struggling to make ends meet.
"It started ramping up during the past six months, and I don’t see it stopping anytime soon," said Ray Villa, acting neighborhood services director for Mesa. "We’re getting between five and 10 complaints a week that someone has walked away from a property and is letting it deteriorate," he said.
What an amazing opportunity for a “regular joe” to (over)pay for a house. BTW, this house was purchased for $515K in November 2006. The final list price was $499K, so I am sure at least $15K was cash back, etc.
Since this is a PHX thread: One bust-related issue here in metro Phoenix that I have been concerned about for some time is the potential ramping up of violent crime from the worst elements as severe recession arrives. The crime issue has been discussed on HBB and elsewhere. I think that it may have arrived here in Surpise.
http://tinyurl.com/34gw25
http://tinyurl.com/229ok5
We are talking about one vehicle theft gang, but I do not recall any such violence in the six years that I have lived in Surprise. Yeah, there was some property crime, but I remember being amused that the big crime story of late 2003 here was some Christmas lawn ornament thefts. There has been violence before, but almost always an escalated domestic disturbance.
These guys apparently shot one person in front of his house on August 27th and someone else on September 4 during vehicle robberies. They apparently also stole/broke into like 30 cars near an LA Fitness at 57th Ave and Bell in Glendale.
I think the guy is a broker. It’s not genuine.
It’s genuine
http://156.42.40.50/UnOfficialDocs/pdf/20070921264.pdf
Did he seriously list 2 prices ($140k apart!) where only the seller sees any difference? Yeah, I’d choose option 3…
I wonder if he realizes the consequences of around $65k of debt forgiven. Something tells me next April would be a nightmare for this FB if a short sale occurs.
sandman,
W has already spoken of the IRS forgiving that income and it’s tax obligation. I do not know if he is able to do that but I would not doubt that congress would step in to write such a law.
I think we are finally moving past the denial stage. To the seller we are out of suckers move along.