Hi guys, I could use a few pointers here.I have three deals that I have been working with a probate attorney special administrator. All three have same situation: In probate, in foreclosure and also no equity. All three would be short sales.I reached out to this attorney and at different times made offers on all three. He initially encouraged me to submit an offer and he would forward to lender. I submitted offers along with repair bids from my contractor. (All three are in poor condition.) That was 3-4 moths ago. After reaching out to him again he told me he did not want to submit my offers to banks because he thought they were too low. He then told me he would list the properties and after 2 weeks see what higher offers he could get. It has been going on a month and not one offer has come in. He still refuses to submit my offer because he says it is too low?!? The lender should be the one making that call.I have never had to negotiate with a court appointed administrator before. Why does he care how much this property sells for? It will be a short sale regardless, the estate will not receive any funds, he will get paid regardless. The only one who should care what the home sells for is the lender. I would be happy to negotiate with the lender…but with the administrator??? And this is just so he will show my offer to the bank? Is this normal? Why would he not submit my offer, even after no other interest in property? Can I bypass this administrator and somehow deal directly with the lender?
He is doing his job to protect the estate. Any shortfall on the sale of the property beyond what is owed to the lender would create a deficiency and would likely come out of the other assets.
you might want to try and reach out to the attorney handling the foreclosure and communicate with them, but would be highly unlikely they will entertain either.
I forgot to mention that the estate is insolvent. No other assets. Therefore a short sale would not affect it regardless of how short.