Help On Possible Short Sale
I live in California and have a possible short sale deal. This is my 1st short sale and I have some basic questions. The house is worth 490k with a 480k mortgage. The guy is 2 payments behind and is desperate to sell to me as low as 400k, all he wants is 20k cash to go gambling. Questions.
1. Is there any way to short sale with the lender and still get the owner his 20k. If so how low should I start negotiating with the lender.
Any help or other advice would be greatly appreciated, thanks!
Uh...20K to go gambling?
This guy is in foreclosure and has NO equity and he is worried about gambling. If I were him, I would be worried about having a foreclosure on my record.
In a short sale, you cannot give anything back to the seller. You are not supposed to anyways.
As far as the amount to start at...I always say the lower the better...
Figure out your repair costs, holding costs, closing costs on the buy and sell end and structure your offer accordingly.[ Edited by BBagnall on Date 03/23/2006 ]
The famous "it depends" answer. Generally I pay the home owner 1K for personal property. I think the first thing you need to do is get your seller a dose of reality. Then you can negotiate a SS. I do not think that 20K is realistic or ethical.
[addsig]
thanks for the answers and guidance
Run and I mean fast.