Posted by brandoncbsre on April 15, 2006 at 07:16:31:
I have to agree with Joe that I don’t see dollar signs on this one.
CAN I DO A SHORT SALE HERE? - Posted by Mel
Posted by Mel on April 14, 2006 at 17:55:39:
Hi! All,
This forum has some got some great info. I hope the experienced veterans can help me out.
This is a scenario. One of my neighbors knows I just started real estate investing. She is relocating due to a job offer in a month’s time and has to sell her house which she bought last year. No equity in the property but the payment are current. She owes $520k, comps in the area is between $500-525k and is a desirable area. I have never done a short sale before. Can I have her sign the Authorization to Release Information and try to do a short sale with the bank. I am also thinking if the short sale does not work, I will ask her if she is willing to owner finance. If not, I will pass
Comments will be appreciated.
What makes a deal a deal? - Posted by Joe Kaiser
Posted by Joe Kaiser on April 14, 2006 at 20:40:24:
And how is this a deal? Don’t see it.
Joe
Re: CAN I DO A SHORT SALE HERE? - Posted by NJDave
Posted by NJDave on April 14, 2006 at 19:07:47:
Generally, short sale criteria requires the mortgagor have a demonstrated financial hardship, and the loan be in default or foreclosure.
I see no evidence of either.
Would this be your primary residence?
Re: CAN I DO A SHORT SALE HERE? - Posted by mel
Posted by mel on April 14, 2006 at 19:38:56:
I was actually trying to tell the bank that the seller has to relocate and the property could possibly go into foreclosure and if the bank does a short sale with me, I could buy the property. One other option I will give the seller is she is open to seller financing. If she agrees to seller financing, I will lease option the property. I already have the exit strategy mapped out and am working on the acquisition strategy.