Short Sale

[Ron K.]

House was abandoned for 6 months and has a reverse mortgage $370K but FMV is around $220. For purpose of negotiating with lender:

1.  Should I get reports/estimates from both Inspector and GC?   

2. Should I leave it in as is condition, outgrown grass outside and a bit messy inside?

3. I have access to it, is it ok to sublease it while nego?  

Thanks.         

[Jim Viens]

Wow...that's quite a spread in the numbers. Owe $370 with ARV of $220?? Estimates won't hurt but may or may not help...depends on the bank. I wouldn't do a thing to the property until you've closed on it. Too many things can go sideways and I'd hate to lose the money I've put into a property that ended up not closing.

Just my .02