Just Learning On Preforclosers And Bank Req's
i live in a low income area in the United States. i can find preforclosures by going to the county court house but. the main bank in the area is U.S. Bank. the only was i can do a short sale with the owner is if the owner dose it them self? acorrding to the bank. What would be the best way for me to contact these people and any suggestions on how i should approrch these people. since they have to request any action on the property. how would i make a bid into the bank on this property and would i still be able to make a contract so the bank wont go after them after the short sale. :-?
First, when you contact the bank, you are not a real estate investor, you are simply a friend of the owner and you are trying to help them find out their options.
Secondly, with a short sale, the bank is giving up its foreclosure rights and authorizing the sale of the property without fully satisfying the note. But the bank is legally allowed to 1099 the owner for any shortfall, which adds to any income tax burden the seller has. So while they won't sue the owner, they can "go after" the owner