Urgent...Help!!!!
I have found a property that has been vacated by the owner. The owner is still being contacted by the bank. The amount owned on the property is about 89K. In about 1 week the bank will start its forclosure prcedures. Should I start a short sale bid... If so what estimated amount. I was thinking 60K. Is this too low? 
I am crashing in...Please respnd ASAP, I will read all responces in the morning...Help!!
If you really want help, give me a call at
$$$$$$$$$$$$ You have some homework to do to decide if buying this property at this stage is a good move or not. There are a number of variables that you need to get a firm handle on. Comps on property, assessment of repairs needed, etc.
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Debbie we have a Lender Finders here on TCI, if you are not part of this inexpensive program for the amount of return you will recieve, then you are advertising since you are a Mortgage Broker. Advertising without being a Channel Partner is against this boards policy.
John $Cash$ Locke
$$$$ [ Edited by JohnLocke on Date 05/16/2003 ]
Ventura,
You really don't give us enough info to help you with your decision. We need to know as much about the deal as possible if you really want decent advice.
Debbie, Welcome aboard. However, these are open forums to give help to people. Please post replies accordingly. I also don't recommend listing your phone much unless you want every scammer in the nation calling. Thanks
Roger
You cannot do a short sale without the owner. Best bet is to find out what the propery is worth and to locate the owner. I would also look into foreclosure laws in your state so you can get an idea of how long you have before they foreclose. If there is a redemption period it may be shortened because the house is vacant. A lot of work to do before you start faxing short sale proposals to the bank. At the very least you should walk away from this with a lot more education.
Tom