Short sale strategy
Hello fellow BP'ers,
I'm looking for some guidance and advice on a short sale opportunity that was presented to me.
My parents next door neighbor approached me recently that he will be listing his property within the next few weeks as a short sale.
He owes approx. 200k to WF and approx. 40k to his credit union. (I know not an ideal situation already.)
Prop value is approx. 100k - 115k.
He offered me the prop. with the condition that he gets to stay and pay rent for 3-4 years until he retires. I told him although we have known eachother for a long time I wouldn't be willing to do that. (against the law) obviously things went sour from there and now he has other buyers in mind that he will try and get to go along with his condition. I told him no problem but I will still be submitting an offer to the bank once it is listed. He went on to tell me that he regretted telling me now etc... etc... I told him he is required to list it and I would have found out about the property anyways along with many other people as the property needs to be exposed to the open market.
So what can I do to improve my chances of getting the bank to accept my deal? Since now the seller wants to sell to someone that allow him to stay and rent. I plan on using our family realtor to represent me.
I'm sure i'm leaving out lots of info. Just ask me for any specifics you need to help out and I will post back.
Thank you,