Upside Down Seller
seller owes approx. $13,000 for the trailer. she is paying monthly plus the lot rent. No one has even looked at it in 4 months. I'd like to offer $8,000. What are the options to get this finished. She stil makes her payments as she doesn't want to ruin her credit. Will her lender make a deal?
Sue,
What condition is it in? What would you be able to sell it for?
What your basically asking is will the lender consider a short sale on this, and the basic answer is that you'll never know unless you actually try it.
Roger
it's actually in really good shape. we looked at a lot of others and people truly don't take care of these homes.
As for resale, I just don't know. I had my insurance company get me a value and she said anywhere from $13,000 to $22,000, depending on the condition. I'm thinking if it doesn't work out for us, by offering owner financing I should be okay to resell it for at least $13,000 to $15,000 with an incredibly high interest rate and incredibly low payments. The realtor says that the seller can't sell for less than 13,000 because that's what she owes but I figure if she's got a house now (she just got married) I can finance the difference for her at a reduced interest rate. hopefully, she is now becoming rather motivated to get out of this situation. I guess we'll just have to contact her bank to see what they are willing to do/not do.