All Forum Posts by: Tracey Lewis

Yes, Bill G. Thanks for the comment. They do have a "qualified Broker" who is recommending they do a short sale for about $35,000 less than they paid for the house back in August 2014. 

I believe a better suggestion is to work with a HUD credit counselor to see what sort of loan refinancing they may be able to qualify for. I'll share your overall advice with the family and see what they have to say!

BP Community,

This is my first forum post here and I'm also a new investor. I just became aware of a situation where a family friend and her mother have offered to short sale their home with no regard to loss of their initial $20K down payment and damage on their credit due to the fact that they're up in age (one is over 100 years old) and they see no other recourse.

How can I advise them of a different strategy to resist the temptation to give away what is essentially a really nice home that needs minimal TLC in the Oviedo FL area? My goal is to become their advocate and also partner with them long term with regard to this house. It won't be as easy to help them as I thought even though I've known these women all of my life; this is due to my cousin (who's their daughter and is the one who got them in this pickle) not being so willing to approach resolution any other way than with a short sale. 

If I'm able to help after all, I plan to ask for a share in the home equity and proceeds of the sale in exchange for my advocacy work and help with property management. I'd like to recommend a lease option strategy with the tenant/buying prospect to sign an agreement to purchase the property in one to two years at the then prevailing home value price.

Is what I've shared a good beginning strategy? What all should I consider in order to avoid potential pitfalls for my lifelong friends and myself? Thanks for any advice!