Short Sale Possibility - Posted by Runner

Posted by Jim FL on September 19, 2003 at 15:46:16:

It never hurts to ask.
Take pictures of the repairs, find out the real value of the place, both “As is” and after repairs.
Do you have a way to fund the deal?
Will it sell FAST?

You will need written authorization to speak with the lender and get info, so have the seller sign something, with their date of birth, soc sec number, and loan account info, releasing it to you.
They might play ball, especially since I just heard from my local mortgage broker today that FHA will no longer fund condos for some reason?(not verified, total third party info, so who really knows)
Meaning, anyone will have a harder time selling it, you and the lender included.

I’d certainly be wanting a VERY large discount.
The lender will also require paperwork to be completed by the seller, a short sale package.
Get that and help her with it, if need be.

There are some good pros out there working these things that might be able to help.

I’ve done a couple, but don’t like to work on them much.
I’ll stick with ready made deals, without lender negotiations, much easier.

Good luck if you decide to go after it,
Jim FL

Short Sale Possibility - Posted by Runner

Posted by Runner on September 19, 2003 at 15:32:49:

Hello Everyone. I have come across a lady who owns a wonderful condo in one of the nicest parts of Chicago. She is absolutely broke and owes 240k on the place. As is it could sell for 250-260k, with about 2 thousand of work it would sell for 275-285k The bank is getting ready to come down hard on her, but she could drag this on for another 7 months till they could actually take back the property. She offered to sell it to me for 240k, Am I in a position to negotiate with the bank and lower the amount even more? What steps should I take. The owner seems to be open to anything that will keep her credit alive (though pretty darn bad). As I see it the bank is going to lose a lot more money before this is all over. They might just be willing to cut their losses. Thanks