Short Sale
I've been looking in my target area for about 6 months now (all on the MLS because I have access) and haven't had one opportunity show up where the numbers work out.
However, last week I found a short sale on the MLS that definitely warrants more investigation. Ran the numbers with market rents and it actually cash flows in LA (Don't say it can't happen). I contacted the agent to find out some more about the property and she notified me that her client is trying to get a loan modification.
Can someone explain to me what happens if he doesn't get approved for the mod and what my best plan of attack would be to possibly move forward with this property?
So far I drove by the property and the outside looks like it needs some minor cosmetic repairs and some landscaping work. Considering telling the agent that I want her to represent me (I have my license and work in a real estate office so I didn't originally contact her from that angle). Do you think she would be more cooperative if I approached her that way?
Thanks in advance for any advice/input