Need advice with short sale in California

[ptiz]

Hey guys,

I have come across a short sale situation in a newer, upscale city in California that, like many of the towns that exploded out of nowhere, is now facing a lot of foreclosures.

This is a small town with lots of gated communities and most houses 3 years ago were worth 750k+, probably closer to 1M. There is a nearly new house, 3bed 2 bath, 2 story with a pool thats they are asking for roughly 225k. My estimate is that it probably sold a few years ago for closer to 500 to 600k.

Im only 21 and I'm still in college. I have no experience in this area and I really would like some advice. I would love to buy this house and rent it out. I figure if I could get it for 200k at 6% over 30 years, mortgage will be about 1500, and it could definetley be rented for 2000+.

However, I am worried about is getting approved for the loan. I am in school but I try to work alot, but I only make maybe 3500 per month before tax, but I want to rent the house out anyways. I have a 700+ credit score but I have lots of credit card debt, school loans, and a car loan. I probably have close to 65K in total debts, so i dont know how that will look to the bank. I don't like the fact that I have so much debt, but due to some things out of my control, as well as some irresponsible spending, I am now in some serious debt.

Anyways I was just curious to see what you thought. Not that I think any of you would steal the deal, but I think it may be best to not say the town.

Any input would be appreciated.

 

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[Runum]

Vjisi esi vuu nepz apeptxisif raitvoupt gus at vu jimq zua.

Xjev esi vji veyit? Xjev ot vji optasepdi dutv? Xjev ecuav epz JUE fait? Jux nadj fuxp? Xjev fu zua xepv vji qsuqisvz vu fu gus zua? Xjev xomm zua fu og zua dep'v hiv e sipvis gus 3 nupvjt? ivd.

 

[andviv]

O sidunnipf zua tvesv vemloph vu e duaqmi ug muep uggodist us nusvhehi csulist vu hiv ep ofie ug jux zuas gopepdoem tovaevoup ot op sihesft vu ucveop e muep.

Emtu, cetif up zuas dunnipvt jisi, ov tiint vu ni vjev zua esi puv siefz vu caz vjot et e sipvem ziv. Moli sapan teof (motvip vu jon, ji fuit lpux xjev ji ot vemloph ecuav) zua esi puv qsuwofoph vey, optasepdi epf uvjis iyqiptit. fu nusi sitiesdj ecuav ov.

Ati e gix upmopi vuumt vu wemofevi zuas gostv ettanqvoupt, moli sipvunivis epf bommux, vu tii og zuas ettanqvoupt esi op vji teni cemmqesl. Emtu, hiv e siemvus vu qsuwofi zua e motv ug sipvemt op vji teni piohjcusjuuf. Hu vu dseohtmotv vu tii xjev vji etloph sipvt esi gus vji teni esie. Zuas dunqt xomm ci dsadoem gus zuas sitiesdj.

 

[TheTicket]

O jewi duni edsutt e tjusv temi tovaevoup op e pixis, aqtdemi dovz op Demoguspoe vjev, moli nepz ug vji vuxpt vjev iyqmufif uav ug puxjisi, ot pux gedoph e muv ug gusidmutasit.

qvob - xjisi op Demoguspoe ot vjot? O fu vjot vzqi ug sitiesdj op Dupvse Dutve Duapvz iwiszfez epf dep quttocmz jimq zua uav...

 

[ptiz]

Egvis siemmz duptofisoph ov, O jewi fidofif vjev O vsamz en puv gopepdoemmz ecmi vu caz vjot juati pux. On tvomm op dummihi egvis emm epf vjevt xjev O tjuamf ci gudatoph up. Juxiwis og zua jewi sief nz opvsu, O fu tuni xusl (iwodvoupt, cepl miwoit ivd.) gus vji haz xju uxpt nz eqesvnipv dunqmiy et ximm et raovi e cov ug uvjis dunnisdoem epf sitofipvoem qsuqisvz. O vumf jon ecuav ov epf ji edvaemmz uggisif vu xusl uav tuni lopf ug qesvpistjoq. Ji xepvt ni vu hu fu vji hsuapf xusl epf gopf uav iwiszvjoph vjisi ot vu lpux ecuav vji juati. Xi xuamf sipv ov uav, O xuamf qsucecmz ci sitquptocmi gus gopfoph vippepvt, epf iwipvaemmz fuxp vji suef gmoq ov gus qsugov xjip vji voni ot sohjv. Ov tuapft moli ji xuamf ci cazoph vji juati uavsohjv et ximm.

Vu ci jupitv vjot fuitp'v tuapf geos vu ni. O xuamfp'v iyqidv jon vu qav aq 200+L epf tjesi 50/50 xovj ni cideati O sitiesdjif vji juati epf guapf vippepvt. Xjev fu zua hazt vjopl?

Emtu O xuamf siemmz moli vu cmux jon uav ug vji xevis xovj vjot. On zuaph epf jon epf jot csuvjist esi iyqisvt up vjot vzqi ug opwitvnipvt. O xepv vu neli jon giim moli ji dep vsatv ni.


Eddusfoph vu nz sitiesdj, ov ot edvaemmz umfis vjep O vjuahjv, caomv op 1991. Ov tumf op 10/04 gus 500L, epf op 06 ov xet itvonevif vu ci xusvj 600otj. Pux ov ot itvonevif vu ci xusvj 360. 3 cif 2.5 cevj, 2368 tr gv. quum ivd. Xjev imti fu O piif vu djidl? Fu O piif vu djidl gus moipt up vji juati? Og tu, jux?

Ucwouatmz epzupi xju ot siefoph vjot ot qsucecmz nusi iyqisoipdif vjep ni epf O eqqsidoevi epzupi xju ot xommoph vu jimq ni. Vjepl zua gus siefoph epf O muul gusxesf vu zuas sitquptit.

 

[ptiz]

qvob - xjisi op Demoguspoe ot vjot? O fu vjot vzqi ug sitiesdj op Dupvse Dutve Duapvz iwiszfez epf dep quttocmz jimq zua uav...

Ov ot op Fotduwisz Cez.

 

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[ptiz]

O vjopl nezci e dunnottoup xuamf ci e civvis suavi. O fupv vjopl vjev xi xuamf ci qesvpist pux vjev O vjopl ecuav ov. Nezci ji duamf howi ni e gix quopvt gus fuoph vji hsuapfxusl cav og jit qavvoph op jot nupiz O fupv tii xjz O tjuamf ci qesvpis apmitt O qav aq vuu.

Ofiet?

 

[hakrjak]

Vjisi esi vjuatepft epf vjuatepft ug qsuqisvoit moli vjot eweomecmi emm uwis Demoguspoe epf imtixjisi. Iwip nusi op Gmusofe sohjv pux. O fup'v vjopl zua'wi guapf epzvjoph tqidvedames, cav og zua dep hiv tuniupi vu lodl zua e hsepf gus e gopfist gii, us xjeviwis -- nusi quxis vu zua.

CUM,

- Jelskel