Short Sale Deal Analysis
The seller is in pre-forclosure, the sheriff's sale has already been postponed once, and home is scheduled to be auctioned off at the end of this month. Seller said she'd take $60k, but the house is in such bad shape that I don't want to pay more than $36k. Home will require $20k in renovations. She owes $48k on her mortgage and doesn't know that I know this. There are no Junior Liens.
After speaking with my friend at Chase Bank, I was told that her account was denoted for a short-sale as one possible option for her. I was advised to reach a purchase price agreement with seller, put it in official PA with short sale contingency, and let her take it to Chase.
What do you all think will happen? I plan on offering all-cash. The home is in VERY bad shape, and I don't want to see them list this home on the market and draw out the process either.
--Any info or ideas to expedite this and/or get it at the price point that I honestly feel it's worth ($36k)???
--What incentive does she have to work with me?
--Is there ANYTHING I can do besides execute an all-cash purchase agreement to nudge this deal along?