Hi BP, I was wondering if anyone here in the Atlanta area who has dealt with short sales and knows their way around the entire process. I have a seller who has POA for his mother's home and is looking to sell quickly, however the house is way underwater, they owe roughly 200k and it's value, according to agent's comps are around 138-146k.
Repairs are very minimal, according to owner, just cleaning and painting, built in 2006(of course, I can get my inspector to perform thorough estimate if i decide to contract it)
I got the lead from bandit signs, but told the owner I would help him out any way I could with helping him find a solution.
I have a broker i know who has experience dealing with the bank to make offers, etc and going through the short sale process, but have not been able to contact her, and the seller seems anxious to get the ball rolling. So i thought i would try to find another investor/broker to work with on this deal, so the seller doesn't have to wait.
If any investors or brokers versed in these types of deals would like to assist and possibly maneuver this deal, please PM me.
A couple of days isn't going to make any difference, and you need someone experienced, and that you know will perform. Also, the son will need more than a POA from the mother, as they/shee will have to submit bank statements, tax returns, sign income, asset financial statements, etc.
The son already knows his mother will need to supply all the tax, income information, etc, as the bank will only deal with the owner of the loan, and she is more than willing to do this. The time is not crucial for the short sale, but i told the seller know i would try to assist with some sort of plan this week, and i wanted to keep my word, even if it didn't benefit me.(as i don't do short sales) Hence why i reached out to the forum to ask folks who know this process in depth.
Type "short sale" into Zillow for the area where the house is. You be able to find some agents doing it for others.
The bank/lender will speak with someone else, as long as the mother gives her written permission. The son may also have to submit the POA to the bank/lender to show that he has the authority to handle her affairs.
I have an amazing broker in the Atlanta Area, her name is Yakira Maynard email [email protected], just tell her Andrea referred you..good luck!
Rick Thanks for assistance!
Andrea, priceless! Thanks i will relay this to the owner, and contact your broker!
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