Real Estate Investor · Salado, TX · Member since 2008 · 11 posts · 0 votes
Being completely new to Short Sales, I'm trying to find out if this is really what I perceive to be an opportunity. A Realtor has a listing where the sellers had to move for job reasons, they purchased another house in the new location, and now can't afford to carry two mortgages.
Total Notes being Carried: $140K
1st: $114K
2nd: $ 26K
The comps would be at the $139K - $142K range.
The house is clean, and it is only 2 years old.
The homeowner hasn't pursued this with their mortgage company yet to see if they are able to do a Short Sale, but they are getting scared about the situation.
Yeah, maybe. Since its already listed, submit an offer, and see if the bank will agree. Were they forced to move or lose their jobs, or was it voluntary? Do they have any assets?
It was a voluntary move for a job. I don't know about any other assets other than they did purchase another home. The dual mortgages are what has them stressed.
If i can ask a question. Wouldnt the bank be much more likely to accept the offer if they had to move INVOLUNTARY? If they had some kind of financial or medical hardship then it would be easier.. etc?
One of the major pieces to your short sale puzzle is being able to prove to the lender that your homeowner has a "hardship" that makes it impossible for them to make any more payments. So, the reason that the sellers walked off to take another job will have to be compelling to the lender for them to consider a short sale offer.
The lender is going to pull their credit and find that they have another home. They may want to pursue them for that.
The second would easily take a short as they are 100% upside down. You could start there, but your equity position for the work is not very compelling.