Possible Short-Sale?
OK, I met with this lady today. The home is a nice 3 bedroom 2 bath house that was built in 1998. The only thing the house needs is the carpets cleaned and a little painting. The house is in good condition. Nice little neighborhood in a rural small town. The house is worth about as much as is owed on the mortgage. ($90,000.00) The owner owes $1,400.00 in back payments. She has about 2 weeks to do something before the bank begins foreclosure proceedings.
The owner is willing to sign the deed over to me right away. She would also allow me to get an authorization to talk to her bank and possibly negotiate a short-sale. The only problem is, I really do not have any experience in this area.
Do any of you experienced investors have any idea what I should do in this situation?? I may just need to let it go. Any ideas?
Get the 85k offer in writing them counter back. If they say no you still have the original offer in writing.
I agree with boyd. I think you will be able to knock some more off however. I have been able to in short sales that are similar situations...