OfflineI have found a house that appears to only need minor repairs (carpet, paint, 1 ceiling requires sheetrock because of water damage from roof. Roof was repaired but not ceiling). The seller owes $265,000. The market value is estimated at $255,000. Can a short sale be done in this situation? I would like to offer $200,000. The seller would accept it, but what is the likelihood that the lender would accept it? Should I just let this one go? Another thing is that I am intending to assign this and not use any of my own money or credit. Is this feasible? Any response would be much appreciated. Thanks
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No way in hell any bank is going to take a short unless owner has not been paying their mortgage or in serious arrears
Actually, the owner is seriously in arrears...more than 6 months - and he'll only admit to that, I have a feeling it's been longer. I spoke to his neighbor who said that he's been gone from the house at least that long.
like a pride of lions on a zebra in those 'Wild Kingdom' shows
Bring to their attention the urgency to get from under the issue they are in and then get his permission to speak with the bank to negotiate his short sale
elixbrown: Thanks for the info!
More often than not the lender will require POF and a copy of your earnest money check when you submit your offer. Also they usually do not allow the contract to be assignable. Like you said it is entirely up to the lender if they accept your offer. You can double or simultaneous close instead, if possible.
Hope that helps,
Michael Mangham
MD Home Acquisitions LLC
Elix, you crack me up!
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