Really need a little more info but let’s go with what we have.
House is vacant and was listed twice and didn’t sell, thus what ever they were asking was to much, so the market value is less. That probable value unknown to us out here.
Going to sheriff’s sale later this month so assume a motivated seller who will cooperate.
You didn’t say which mortgage was foreclosing. I can’t see the 1st doing a short sale because they have about 1/3 of the equity as a cushion if the property is anywhere worth $270k, but you never know.
That means if the 1st is foreclosing you will need to deal with the 2nd quickly and get a deal, and have the 1st postpone the sale, or cure the first if you have time to do so in the state your in, and if you want to do a deal before the sheriff’s sale date.
If the second is foreclosing its the same, your need to talk to them quickly and see if they will make a deal to your liking but remember to find out the current balance of the first, so get permission in writing from the owner to contact the first and get the latest info. Plus are the property taxes current?
There are lots of details but maybe this will answer the basic question.
I found your group trying to get a feel for information pertaining to purchasing a property for my personal home. The home we are interested in had been on the market through 2 agencies over a period of a year or more. The house is vacant.
There is a first and second mortgage and it is scheduled for sheriff sale later this month.
I happen to know by talking to the original owner what is owed on the property for a total of both loans.
From what I understand… I can still make an offer and the bank is willing to accept a short sale. I am not sure what to offer. The owner said the house was appraised for 275k. But this may have been a couple years back and our locality has more houses than it has buyers.
Apparently, the totaled owed on the home is 260k. With the first mortgage being approximately 180k.
I would appreciate anyone that has had dealings with short sales to give some feedback. I don’t want to offer too much. There is apparently another interested party. The owner lives out-of-state. And had wanted me to talk to the agent that had the house and the listing had expired the first of this year without a buy. He is doing it as a favor… but, I just don’t know.