I found a house that is owned by an absentee owner. Looked her up in Facebook and sent her a message on there because I ran out of stamps to send letters and she just replied to me! Direct messaging might be the future of real estate!
However now I am super confused. She bought the house in 2006. One mortgage for about 250k. She stopped paying the mortgage about 3 years ago and filed chapter 7 bankruptcy in December of 2012. She hasn't received any paperwork about the property going into foreclosure or anything and because she included the home in the bankruptcy she is no longer obligated to pay anything on it.
My question now is how do I buy this house from her? Short sale? It isn't in foreclosure and there was only ever 1 lien holder.
Yep, short sale the way to go at this point. I see a few like this, they seem to have to slipped thru the cracks. The short sale process will be the same however, needing an experienced agent, the owner will have to submit the required doc.s, etc.
So they need to submit all of the short sale paperwork and then I need to put an offer in on the house?
Bankruptcy does not change the ownership of the property unless the Trustee decides there is value and sells it in order to apply these funds to the bankruptcy. They didn't do that here. The bank should have foreclosed to get the property back. Since they didn't, at this point the absentee owner still owns the property. So short sale it is. Is the property still under water?
Step one, find an experienced SS agent. They will know where to go from there.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!