Short SALE (OWNER IS IN BANKRUPTCY)
If they owner is in bankruptcy..how does that affect a short sale.. My agent friend (listing agent) call me and told me about this property...the owner has been trying to sell it for over a year..to no avail.. the home is S.FL UPPER END HOME(ARV 650-725)HOMES in that area are selling for over a million.. owner owes 540k, my agent requested a short sale package from Washington Mutual.. now we're filling it out.. home needs repairs (getting 3 contractors bid this weekend)also besides repair cost what other angle could i use.. My exist is to wholesale. Great Success....................... Franklin
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You have to wait until the bankruptcy proceedings are over before you can do anything. It will be a lot more paperwork to fill out, but you can short sale after the bankruptcy judge makes their ruling.
Tanya