Posted by paul-fl on August 12, 2003 at 07:23:29:
First hting is you have to deal with the owner. Get deed, release of information agreement, then talk to the bank. Why do you think you could get it for 100K?
Short Sale Question - Posted by Eric
Posted by Eric on August 12, 2003 at 01:27:31:
I have a house with a potentially big profit margin on it. It is up for a sheriff sale on October 24th. I know who the mortgage is through. The people who owned the house have a principal balance of 136k. The mortgage has not been paid since september of last year. I want to see if I can get the house for 100k. How would I go about making this offer. Do I have to make the offer to the owners or the mortgage company??? Seems like that is the best possibility to get this done. I spoke to the sheriff about the sheriff sale also. He told me that if I were to get it at the auction, you would have to put 10 percent down, and you would only have 10 days to get the rest of the financing. So it seems that a short sale could be the answer. If someone could give me some insight to this, it would be much appreciated. Thank you, Eric
Short Sale? - Posted by gerald(tx)
Posted by gerald(tx) on August 12, 2003 at 16:20:10:
Remember the mortgagee will be at the auction to protect its interest. If there’s a good bit of equity, then don’t look for a steal. Contrary to newbie thinking, mortgage companies aren’t stupid!
This isn’t a short sale. Until the gavel goes down at the Sheriff’s sale, it’s the owner’s call.
Once the mortgage has the house back, is it that trashed out that they would sell at $36k below balance? What “compelling reason” would they have to consider a short sale?