How do i determine the balance on mortgage? this is an approved short sale. i added up the original & two other loans. looking at comps i'm thinking starting offer should be 103,995 to 142,999.
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Looking at the mortgage history on the InvestorCompsOnline report the purchase of the dwelling by the Mills family took place in 2004 with a primary mortgage of 224k. Additionally, two seconds notes were completed as the value of the home increased. The first for 34k, which was replaced by a larger note of 57k.
You can easily determine the balance of the first mortgage by plugging it into an online mortgage calculator. Review the amortization schedule to see what the principal balance would be without fees and penalties as of today.
For the second of 57k, you can assume this was an interest only instrument and the entire balance is due. Of course, any second can be negotiated at 10% or less.
Here is a link to a good on line calculator. http://www.bretwhissel.net/cgi-bin/amortize
Lastly, looking at the listing online, the dwelling appears to be in good shape. Transactions in the market area appear to indicate the list price of $175 is a good ARV. I don't see the bank taking much less than this number. If you are looking at the house as a personal residence or for a friend
who wants an nice home, fine.
As an investment project, I would look for low hanging fruit. This is most likely going to sell at full price or get into a bidding situation.
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