short sale here? - Posted by ShannonPA

Posted by ShannonPA on October 22, 2003 at 19:48:59:

Im in Erie, Ill keep ya in mind if I can work something out!

short sale here? - Posted by ShannonPA

Posted by ShannonPA on October 22, 2003 at 18:26:38:

Ok, Ill keep this short. First, let me say, this board is great! Now the deal.
Found a vacant property that noone could find the owner of. The owner and wife got a divorce and just dissapeared. Well I found one of the owners tonight (the man), and he says he was going to just let the bank take the house back. His wife at one point tried to stay in it but couldnt pay, so he moved in, she moved out, then he couldnt pay, so he moved out, now the house is sitting in bad shape (flooded basement etc) lots of cosmetic work, but not anything major that I can see, this house will take very good pictures for a short sale though. The man said he just wants his hands washed of it, he said his ex-wife will want some cash, but there is no equity, he tried to tell her this before to no avail, so Im trying to find her now and try to get her to sign a quit/claim.
He believes the balance on note is around 74k, payments were 750ish. So, without knowing any more about this loan yet, (meeting with man tomorrow to sign an authorization to release info form), what would your next step be? Besides due diligence on property. Which forms would you suggest I take? And do I need to get the wife to sign a authorization to release also, before I talk to the bank? The wife doesnt have a stable address or anything, is it possible to do anything without her? What about filing a suit to quiet title? If we cant find her. the man by the sounds of it will be fine with a sub2, Im worried about finding her, he has no idea where she is, I got her maiden name and am going to look for her parents when Im done here. Sorry this got so long lol, next question:

Is it possible to assign a short sale? After I get all my pictures taken, my hardship letter from the seller(s) (do I need one from her?), etc, if I can get the lender to believe they dont want this house back, and take a short, Ill need to get the money to pay them, and pay to fix it up etc, which I dont have, so, can I assign it? Or find a wholesaler to flip it to and double close? Or is it possible to keep a property in this situation by taking a new loan out on it after I get the deed? Is it possible to do a short for say 30k then find a new loan to pay that off?
Sorry for being all over here, if I need to clarify something let me know, thanks everyone!!


Re: short sale here? - Posted by rm

Posted by rm on October 22, 2003 at 19:47:59:

Ron Starr would say that you’re too inexperienced to handle a short sale.

Based on the nature of your questions, my suggestion is this: get an inexperienced investor (who has actually DONE a short sale) to help you. It’s worth splitting the profits in order to learn how to do things properly.

Re: short sale here? - Posted by guesswho

Posted by guesswho on October 22, 2003 at 18:54:30:

What part of PA? I may be interested in getting it flipped to depending on the area and price you get it for if you are successful at getting a short sale.

Re: short sale here? - Posted by ShannonPA

Posted by ShannonPA on October 22, 2003 at 20:44:10:

I would love the opportunity to do that, if I knew of any.