Re: Short Sale Question - Posted by MattFL
Posted by MattFL on October 21, 2003 at 07:05:24:
Yes, I would try a short sale. It doesn’t hurt to try. If it is now in bankruptcy, you’ll have to get the trustee to release the property for the sale. If you have low comps to show the lender, that will help. The assoc. lien you might be able to get released or negotiate down. Did the assoc. get a final judgement filed? If they did there will be a statutory amount that they will get from the sale, so you may have to at least match that. 5k seems like a lot to give your seller. How long has she been in the property? Why is she in foreclosure? Does she know about the 125k sale? What did she pay for the place? How much equity does she feel she has? Do the math in front of her. She owes 80k, plus another 5k lien, plus closing costs etc., plus she wants 5k. What does that leave you? But, if you don’t have any problem paying her 5k, I don’t either. Does the property have a dishwasher, range, refrigerator, water heater, etc.? These are all things that you can “buy” from her.