Hey BP. I have come across a situation that I need some help with. Below are the details and what I know. I would love to get your feed back as to what my next best move is to make this deal go through as fast as possible (I know short sales are not short).
property location: TX
The current owner (only owner) died and the property is currently in probate process. It is currently in pre-foreclosure as the payments have not been paid. I have been communicating with the Executor of the Estate (the sister) and she wants nothing to do with the property and wants to sell it. She has had an appraisal completed and the As-IS value per the appraisal (which she sent me) is 29k due to vandalism and neglect. The remaining loan on the property is 68k ish. She is very willing to work with me and has even said she will let her Probate Lawyer know that he can communicate with me directly regarding the sale of the property. I'm not too educated with how this situation will/should transpire as there is a short sale wrapped up with probate process. Will the probate lawyer be able to help communicate to the lender? Any advice or general explanation of the probate process with this twist would be very helpful.
If she has proof she is the executor of the estate then you can get the short sale setup and rolling with the servicer. If probate has not been completed then the short sale likely won't be able to move forward ( may be an exception if it's a reverse mortgage. ). May be tough to find a talented agent to get it listed and someone to do the work as the price point is low. What type of loan is on the property?
@Brett Goldsmith Thanks for the help. I have a realtor that I have used that has said she will help if needed. The price point is low but she will get the flip listing as well so that helps. I guess I am just naive to think I can handle this like an off market deal working with the executor. The estate has the option to let the bank foreclose and take the property back correct? My thought is that if we (executor, lawyer, myself) can show the bank that taking my cash offer instead of spending money foreclosing on the property will save them money but I realize I am probably over simplifying the process. It is currently a 15 year conventional loan through Ditech with 14 years remaining on original loan.