Short Sale candidate Yay or Nay
I have an owner that will be 4 months behind come June 1. Has been unemployed for 7 months. Mortgage payoff is $185,000. Current Market Value is below $200,000. Needs minimal repairs.
Any advice would be greatly appreciated, I have never done a short sale before.
It looks like a short sale candidate to me. Have you read the short sale articles on here? It will give you some insight on what you should look for and what you should do next. You can find them if you click on the "Articles" link, then "Article Topics" and "Short Selling."
You may also want to check out Dwan and Sharon's short sale course called Short Sale Secrets. Short saling can become a complicated process if you haven't educated yourself on the subject. So you shouldn't take it lightly.
Tanya
This is a great short sale candidate. You will need to obtain an authorization from the seller for the lender to release information to you and negotiate with you, which you will need to fax to the lender, loss mitigation dept. You should then request a short sale package, which will specify the documentation they will need. It might be best if you team up with someone on this as it can be a complicated process and many times is not as easy as many would make it seem. Please feel free to e-mail me at RMelton552@aol.com if I can be of further assistance! Good luck!
Bob
Thank you Tanya and Bob for your insight. Bob I will definitely take you up on your offer and email you later today.
Thanks