Expert Advice Only Please
I am A realtor that has a short sale listing and when I took the listing I told the home owners that I might be intrested in the property .... To make a long story short ...I am going to buy the property ...The previous agent had it on a short sale and the listing expired ...I have had the property on the market at 159900 for 4 months ....I put a offer in at 152000 minus my 6% commision which brings it down to $143000 ...My questios are When I took the listing the poeple said that they had all ready fillied bk and I told them about being 1099 they said that there lawyer told them they would not be 1099.....The bank fillied foreclosure and when I bring up the record from the clerk of couts it tells me that the case is closed ......The sherriff sale was ordered for this property 10/10/2004.......My poeple do not care about what the house sells for ....I am just woundering if I should buy this or if they should let it go ...I dont know much about the 1099 thing...If they are all ready done whith there foreclosure whould it be in there best intrest to let it go or sell it ...and if they sell it will they get 1099
They bought this property new for 186000 then have a second mortgage for $38000 ......hud 1 shows $2500 payoff to 2nd mortgage from the 1 st mortgage and looks like net to first will be around $137000 If my sellers get 1099 will it be on the difference from the both mortgages .........Thank you for all your help.......
Please if any one can help me I would appreciate it ...I dont whant to do a dis-service to my clients or loose my license..