Shorting A Vacant Property Where One Co-owner Has Already Gone Through Bankruptcy
Is it possible to short a vacant property where one co-owner has already gone through bankruptcy and the other co-owner was just a paper signer and never lived in the house and was relatively innocent? This foreclosure has been around for about 6 years, and the bank finally has gotten a judgment of foreclosure against the 2nd coowner.
The 1st coowner really lived in the house and paid the mortgage, but to get a mortgage, she needed someone with good credit to sign the documents, so she asked her childhood friend to do so.
Hence the 2nd coowner. The 2nd coowner didn't know that signing the mortgage documents meant she could get into this foreclosure mess. She has always worked (mostly in low paid temp jobs) and paid her own rent on time but she only has a GED and I'm not sure she knew what she was getting into when she signed those papers.
The property has been long vacant and boarded up. Any suggestions on the best strategy for approaching the bank and the story to tell them? I've never done a short sale, so suggestions are appreciated.
" Is it possible to short a vacant property where one co-owner has already gone through "
Sure, it may be possible. You'll need the cooperation of at least one of the owners... and you'll need to indentify a few of the variables before pursuing a short sale.
Do you have access? Do you have owners' cooperation? If you don't want to let this opportunity slip away... either email me, or PM me. At the very least, read "Prequalify a Short sale Candidate"