Updated almost 4 years ago on . Most recent reply
Probate/shortsale/foreclosure...all at one time!!!
Interesting situation: I have an offer in on a probate property. Property is in foreclosure. No equity in home and a special administrator has been assigned by court as the PR. Thus this deal would be a short sale. Administrator has told me he will submit my offer to lender if I pay his flat fee (5k) and include proof of cash funds, (home in unfinanceable). I have done so, along with providing contractors repair estimate on the home .
Now administrator is saying offer is too low and he will not submit. Considering this is a short sale and he is getting his flat fee in any case, why would he not allow the offer to go through and for the bank to negotiate with me if price is too low?
The estate will gain nothing by rejecting my offer, rather everyone will gain. Am I missing something here?
Most Popular Reply
The whole point of a special administrator is to act quickly to preserve assets. The estate gains nothing by proceeding on this path. The decedent doesn't care about his/her credit... and there is nothing urgent about a short sale.
I'm more interested in how a $5k fee for doing nothing was obtained from you.
- Tom Gimer
