Spring, TX: Short-sale already approved by bank!

Posted on August 8, 2007. Filed under: Flipping, Investors, Wholesaling, under $100k |

I have a nice deal for someone…

We had a short-sale deal agreed with the bank for $69 000.00 with the bank paying $2500.00 towards closing costs and my buyer walked away as we can’t get utilities turned on. Bank won’t do it as they don’t own it yet. Seller won’t do it as he’s not getting money from deal and doesn’t want to put more money into it…. so, we’re stuck.

The bank has approved the deal & is ready to close (8th August 2007) as soon as anyone can close. I don’t want to mess with what we’ve agreed with the bank as otherwise it’s going to take forever to re-negotiate this. It’s taken 2 months to get to this point as it is.

Home is tiled throughout, paint job is pretty good… good enough for rental. Garage might need some attention. Front & back yards are very overgrown. Water heater is about 18 months old. Air-con is older, not sure exactly how old.

ARV value is estimated at $95 000.00. Rental comps in area are roughly $950.00 per month for this size home.

If you need any more info on this, call Lance @ 832-483 8655.

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2 Responses to “Spring, TX: Short-sale already approved by bank!”

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Have you already sold this house? I can buy it, but I live in Florida. Do you know someone who can help me fix the house (good enough to rent it)?

Enrique Sierra
September 28, 2007

Hi Enrique… I thought we had it sold but the bank would not accept the short-sale offer so now (since last Friday) it’s back on the market. I do know a contractor that can fix it so you can rent it.

Lance
September 30, 2007