short sale or???

2 Replies

hi all

send out letters mon got a call today motivated seller

problem  2yrs behind on payments had a balance of 76k has an arv of 110k have not seen house on the inside

seller says they updated bout 5 yrs back but only bathrooms and carpeting

has a pool with half water in it owner says nothing wrong with it

I told seller to talk to bank about a shortsale as they just want headache gone but not willing to do l/o or seller finance any suggestion on how to get it under contract

who talks to bank about shortsale seller or buyer

tks in advance

As a buyer you would have to get written permission from the seller to talk to the bank

Having had alot of experience in dealing with short sales you have to find out some things

1.  What amount of fix up it needs

2. you have a arv of 110k? you got this from MLS comps?

if not you can try  http://findcompsnow.com

3. What is the amount owed?

The numbers look to tight to wholesale.   I don't know if this applies in your area, but in California a licensed real estate agent had to perform a short sale.   

You can

1.  give it to a licensed real estate agent if they are open to that

2.  They can do a deed in lieu of foreclosure where they give it back to the bank. (basically similar to a foreclosure)

3.  They can continue to squat.   

if they have been in the house for 2 years and not paying i am assuming they have saved up some money.   

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@Gerald Harris  

tks for the reply  the owners moved out 2 yrs ago thinking their house was going to foreclose

chase has not foreclosed on it yet but had it winterized and changed locksl

last time I got permission from a seller bank(wells fargo) still would not talk to me

I do have a couple of agents friends of mine will run past them

if they do a deed in lieu will I have first pick or does go in the mls for all to see

the comps are from mls

hoping she talks to lender about short sale