Tips on how’s listed for short sale.
What’s your question?
@Frank Geiger sorry, I seen a property listed for a short sale at 56k. What should I know going in? I’m unfamiliar with the process and this will be my first investment.
does it make sense to buy it at 56k?
You need an experienced short sale agent, which may be hard to find for the extra work on such a small price/commission. Hopefully, the listing agent knows what they’re doing. He should have run a prelim title report to identify junior lien holders, as tour your offer may have to be structured differently to deal with them, ie. lower purchase price as you may have to contribute additional cash to satisfy am junior lien.
There’s too much to learn for You to know everything involved.
The list price is irrelevant, the price the bank will eventually accept is what matters.
Worst case, get a contract executed, provide a legit POF or preapproval, see where the bank comes back.
You should find an agent that is familiar with this type of sale. You can still offer whatever you want. The difference is both the bank and seller need to accept your offer.
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