How do I shortsale a great home?
I'm trying to shortsale a home that's in great condition. The homeowners lost their jobs and are 6 months late on the payments and are in foreclosure. The house was built in 2001 and looks great, so how do I go about talking to the bank and asking them for a shortsale? The home is worth about 200K and the owners owe $195K on it.
What justification can I give the bank to sell me a great home way below market price?
Can someone offer me some advice?
Thanks!
There's a really great, detailed article on here about short sales. I couldnt find the link, fortunately, I have a copy of it. Email me at t.dingillo@sbcglobal.net.
The article explains cut and dry, the numbers. How much does the bank stand to lose if they let the house go into foreclosure? How much can you save them if you buy now, even at a discount.
Theres a short sale net sheet, also detailing the things that need to be sent to convince the bank at http://www.loansforallcredit.com/partners.htm
chaffeen,
If you have a good relationship with the owner, you have to start with them. Don't expect to make much from this deal, but the experience is priceless. Contact me at sirepselak@aol.com and I can get into some particulars with you
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