Short Sale Question - Posted by Sean

import · July 10, 2003, 7:01pm

Posted by Sean on July 11, 2003 at 07:50:38:

Yes, you’re right. I was just curious if it was possible to do it that way. I don’t have the $6 grand to give her anyway! Will probably be more like $500 or $1000.

import · July 10, 2003, 7:01pm

Posted by Sean on July 10, 2003 at 19:01:10:

Hi all:

I have a question about short sales. I’m negotiating with a lady to purchase her home. She is about $6000 behind in payments and has little or no equity. Her husband had a bad head injury and is disabled, and she wants to move soon. She says she needs about $6000 to move.

If I can negotiate with the bank and convince the bank to settle the loan for a lot less than what is owed, how can I help her get her moving money out of the property? Could I purchase the washer and dryer for $2500 each or something like that? Or just give her the 6 grand? I don’t want to do anything illegal.

thanks

Sean

import · July 11, 2003, 2:27am

Re: Short Sale Question - Posted by shane AMP

Posted by shane AMP on July 11, 2003 at 02:27:31:

Sean, you can buy her washer and dryer. On the records, the borrower is not to receive anything from the deal. If you do, the 6k it would have to be off the books and no record of it. But I would have to ask, why are you even giving them 6k if they are about to be foreclosed on. I would offer them a little bit of money to move on and be done with it. I just think 6k is far to substantial of an amount to give someone who is about to lose everything and not get a penny.
Just my two cents