Ever try a Short Sale on a non distressed prop? - Posted by Investor-RamaAZ

import · July 13, 2003, 5:20pm

Posted by Arthur on July 13, 2003 at 17:43:05:

Why would the bank do that? What would it have to gain except to lose a customer who pays on time and is current? I think your optimistic and wasting your time. All the bank really cares about is getting its money with interest which it is what it is doing.

import · July 13, 2003, 5:20pm

Posted by Investor-RamaAZ on July 13, 2003 at 17:20:42:

I am going to acquire a rehab job, the property is fine, no delinquencies of payment, owner has great credit, my issue is that the price owed is high compared to the normal ratio of offer on a rehab…

Price is 145 (what is owed on the mtg) would sell for 190 or so after fixed. Definately 15-25k in fixups.

I was wonderng about a short sale because the place is a wreck and photos would be easy to get the bank to drop the price…

So has anyone ever approached a bank to short sale when the loan is in fine standing? I am searching for a way to increase my margin on the deal.

Thanks