Help On Diffucult Short Sale
Help Please! I came across tis possible short sale. here's the background: Home purchased in 1998 for $200,000, the owner was recently served for deliquent payments from his mortgage holder. The house is empty but listed with an agent. The current market value is $260,000. How would you handle the short sale with a realtor involved. I'm having trouble contacting the owner. I can only contact the agent.
How/why do you feel that this is a short sale candidate?
If there is no basis for a preforeclosure short sale then of course you'll experience difficulties.
If it is already with the realtor (list price?)
why do you think it is a Short Sale?
Anyway, I would try and speak with the realtor in regards to dropping the listing and you working out some kind of fee with him for doing so. Once you get an understanding with the agent tell him to help you get in touch with the owner to discuss the possibility of a Short Sale with his lender. Obviously this is a long long shot in getting these parties to cooperate (lender/realtor/owner) but not totally impossible to pull off. I have had deals that were worse than this one that I was able to fund on. Bottom line you have nothing to lose, give it a shot, it will at wost make for a great learning experience.
dl will
" Short Sale Master"