Re: Impending Foreclosure in CA

Posted by Jim V on August 01, 2006 at 23:34:07:

In Reply to: Impending Foreclosure in CA posted by JM79 on August 01, 2006 at 21:50:52:

JM79,

You're not looking for a short sale, short sales are where the loan balance(s) exceed, or are fairly near the current market value of the property.

The cost to sell a property ends up being about 7.5% of the property's value, if you use a real estate agent. Rough numbers with a 400k value are 30k in real estate commissions, title and escrow fees leaving 370k. Subtract the existing 275k loan balance and you are left with $95k. That's not something to walk away from.

If repairs are necessary to be able to get that 400k value, you have to factor that cost in, but you don't want to short sale, you want to do a conventional sale. If you think time is a major factor, post back with the current status of the foreclosure and I'll look at the timeline.

: short version- seperated, payments too high, fell behind


ok, so I owe approx. 275k, and my house was just appraised at 400k. Is there anyone in CA that can fill me in on the short sale process, before the bank forecloses? I need to do this asap

thanks

Follow Ups:

• Re: Impending Foreclosure in CA - Dat Foreclosure Guy 13:03:34 08/02/06 (1)

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Comments:
: JM79,

You're not looking for a short sale, short sales are where the loan balance(s) exceed, or are fairly near the current market value of the property.

The cost to sell a property ends up being about 7.5% of the property's value, if you use a real estate agent.  Rough numbers with a 400k value are 30k in real estate commissions, title and escrow fees leaving 370k.  Subtract the existing 275k loan balance and you are left with $95k.  That's not something to walk away from.

If repairs are necessary to be able to get that 400k value, you have to factor that cost in, but you don't want to short sale, you want to do a conventional sale.    If you think time is a major factor, post back with the current status of the foreclosure and I'll look at the timeline. 

: short version- seperated, payments too high, fell behind


ok, so I owe approx. 275k, and my house was just appraised at 400k. Is there anyone in CA that can fill me in on the short sale process, before the bank forecloses? I need to do this asap

thanks



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