What are my options?

6 Replies

I sent out some letters and I got a call back from a lady. She said the bank gave the house to select portfolio servicing, shes happy to give me the house and says it needs to be refinanced. Its a nice house and she just wants to stop being harrassed by the company. They keep sending her letter and such. 

Im new to this and was wondering what my options are and is this a potential deal? 

Ask the lady for their number.  It is way to early to tell if its a potential deal.  You can run the numbers already so you know what you would have to get buy it form her for.  But I'd call and find verify the amount owed and explain that you would like to buy it and see if you can work the short sale.

ok thanks

@Tom Linnik 

You're going to need to have the homeowner give you authorization to talk with the bank on the homeowners behalf. Some banks will require the house to be listed before they accept an offer. If that is the case get in contact with a realtor that specializes in short sales to do the listing for you to satisfy that requirement. 

@Jim Wilson  I realize that you're a realtor, but is it necessary to have a realtor to contact the bank?  Or are you talking about finding a realtor to get the listing from the bank?

@Wes Eaves  

It's not necessary to have a realtor to contact the bank. If the bank wants to see that the house was listed before accepting an offer as a short sale then you would need a realtor to get involved. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here