I have come across a beautiful house that is probably worth between $240,000-$250,000. The owner owes $265,000 and is behind in payments. Would a short sale workwith it being such a nice house with no repairs to be made or would there be another option?
Any loan that is past due is a candidate for short sale, particularly where the debt exceeds the value of the house.
As for not needing repairs, you can always find “something” wrong with a house, and bad pictures can make even the nicest of homes look beat-up and dreary.
Write a contract on the property for the amount you want to pay and go to the lender with the borrower’s authorization.