PLS HELP-- Inherited Failed Short Sale
I got a call from someone whose house is set for sale on the 31st.
Apparently, they have been working with someone else to get a short done, but the short was denied. The lender is Citimortgage who got an assignment from 1st Nationwide 2 months ago.
There is little equity in it as it stands. I think a short is really justified.
Is there any sense in picking this up and starting a 2nd attempt at a short sale? I am assuming the other folks screwed up the short sale somehow.
microchip,
Usually if a short sale request is rejected, then you should come back with a counteroffer. This is called negotiating...
The other investor may not have known what they were doing and when they received the rejection, they moved on. If after negotiating with the bank and it is not in your best interest to purchase the property, then you should let it go and inform the seller's there is nothing else you can do for them. So, I say go for it. It doesn't hurt to try.
Tanya