2 Questions On Short Sales

If the homeowner has filed bankrupt and it is still open, can you still do a short sale?

To find a "Cash" buyer, would you have a silent auction on the property where you contact all investors and set up a specific date for the auction OR just call and everyone and see who's interested?

The properties are preforeclosures and will have 40% equity in them after the short sale.

Any thoughts or comments welcome.

Comments(2)

  • TheShortSalePro6th March, 2004

    "If the homeowner has filed bankrupt and it is still open, can you still do a short sale?"

    The bankruptcy controls any transaction that involves the assets of the Debtor. That includes the simple act of listing the property for sale with a broker, entering into a conventional sale agreement, and, especially, a short sale agreement.

    The Homeowner will need permission from the bankruptcy trustee.

  • ImajProp9th March, 2004

    I have had 2 experiences in Florida...

    1) If the existing loan is FHA, then the foreclosing lender will insist the BK be dismissed before they will ever discuss a SS.

    2) If the existing loan is conventional and you have an acceptance of your offer, then the title company will simply ask for consent from the BK trustee.

    God Bless You

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