Short Sale advice
Here's the deal. I am working with a couple that owns a property I am interested in. They have agreed to sell me the property for 1k contingent upon my ability to work with the mortgage holders. They have a first and a second on the property. The property was owned by the deceased aunt of 1 of the present owners. It is in the process of being foreclosed by the 1st mortgage holder and will be sold on the courthouse steps a week from tomorrow, March 4th 2003, unless the 2nd mortgage holder brings it current which I suspect is the case as there is a 38k 2nd. I need to do a short sale to make this work as there is very little equity in the property. The 1st is appx 52k. How do I structure the deal and protect myself if it falls through. The owners are willing to sign a purchase and sale agreement for $1,000.00. Should I make the offer for the total price I am willing to pay for the property or just what I would be willing to pay the owners if I am successful in getting the 2nd mortgage holder to do a short sale? The 2nd mortgage holder has also begun foreclosure. This is why I believe they plan to bring it current to protect their equity position. The property is worth around 105k.
[ Edited by jokricin on Date 02/24/2003 ][ Edited by jokricin on Date 02/24/2003 ]
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