Working with administrator on probate shortsale
Interesting scenario. Looking to purchase a home in probate, that is underwater and being foreclosed on, and to top it all off, no executor...I'm working with administrator. I have worked with two court appointed special administrators to probate properties in the past who have agreed to submit my offer to bank for consideration. On this particular deal, administrator says "no way". It is not worth his trouble.
As appointed administrator I understand that it his job to do whatever is most beneficial or the estate. Why then would he not be willing to allow short sale before it's foreclosed? It would be beneficial for the estate in that all deficiency amount from sale would be forgiven, where as if it is foreclosed bank would come after the estate for the amount short. Wouldn't it make sense in that scenario?
Also as far as I understand administrator would be compensated for his time and efforts by the estate or in some cases by the bank if short sale is approved. Is all this correct?
Anyone have any practical experience or advice on this matter? Thanks