Possible Short Sale
I have never tried a Short Sale but not sure if this is worth going after or not.
The house is in good condition and I would like to move in to use as my primary house.
Repars I estimate around 6 to 8K
needs carpet
needs paint
lawn needs an overhaul
siding could use new paint but not necessory
The Owner just wants to walk away. He lives out of town and doesn't want the property. It is a VA loan.
1st with Bank of America at 118,000 (because of fees and penaltys)
2nd with Wachovia for 12,000
They are getting ready to start the foreclosure process. The home is valued at 120,000.
The owner said he tried to Short Sale but Wachovia won't budge and the VA won't do anything unless the 2nd is taken care of first.
Should I try to go after this or wait to find it on the REO market? Does anyone know some I could talk to at Wachovia and Bank of America?
When you say that the owner said , "Wachovia won't budge..."
1) Can you believe and trust the Owner to navigate the complicated financial arena we call Negotiated Preforeclosure Short Sales?
2) Was a factual & compelling proposal was used to persuade Wachovia to budge, or did he just call a low level collection clerk?
I'll agree that the VA won't do much unless/until Wachovia is massaged... but Wachovia will certainly flee a sinking ship if they know their ship is taking on water.
[addsig]
Hi, You should start out by receiving the seller mortgage information. Loan number, and bank telphone numbers. Hire an attorney that deals in short sales. You will need to get power of Attorney from the seller and some other very important documents before the bank will even talk with you. Sign a short sale contract with the seller and present all these documents with the contract to the bank. Oh! don't forget your proof of funds from your mortgage lender. This way the bank knows you are serious. Hope this helped!
Pam