Short Sale Lead

3 Replies

I contacted a homeowner who recently had his house listed on the MLS as a short sale, then removed the listing after a couple days. I know that he's upside down by quite a bit in addition to being past due on his HOA dues to the tune of $2,500 and he also has a personal loan out on the property in the amount of $8,000. Of course he's willing to sell me the property but what should my next step be? I told him to contact his realtor (since it's a short sale) and to tell the realtor to call me so that we can talk. Other than negotiating with his realtor, is there anything else I can do? Can I call his bank directly and tell the short sale department that I'm interested since it was recently listed as a short sale?

One other bit of information: the listing was supposedly removed because the bank did not want to forgive the personal loan of $8K.

Any advice is greatly appreciated!

First you need to figure out what your going to do with the personal loan.  Are you going to pay it?   If that's the case the Realtor might jump start the Short Sale back up if they see potential.

Phil Z., Real Estate Agent in Connecticut (#REB.0789205)
203-936-7776

Yes, I am willing to pay off the personal loan if that is factored into the price.  I'll try that angle with the realtor.  Thank you!

You need to get your offer written up and submitted to the short sale mortgage servicer. I'd be trying to see potentially what can be done to settle the person loan for roughly 10% of the balance. When you say the bank would not forgive the person loan, what does that mean? There is a 1st mortgage lien and a 2nd lien correct? 

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