I’m trying to acquire a condo unit via short sale from the lender/bank.
A unit owner in my condo complex filed bankruptcy, she has not paid mortgage in many months. I asked her if she’s interested in a short sale, but says she is fed up with the bank and does not want to deal with them. I’m trying to figure out how I should proceed in negotiating with the bank if I can strike a “deal” with her to give me the rights to speak with the lender about the account,
How should I approach the lender?
Will they be willing to take or look at my offer?
I’m a licensed realtor; I’m not interested in listing the property and she is not interested in listing. I’m interested in acquiring it and can show the lender what comps have sold for. Low comps of course
If this lady filed a bankruptcy it is highly likely the property was awarded back to the lender as a term and condition of the bankruptcy as at the point the bankruptcy closes and discharges she would no longer own it unless she planned to re-up on the condo debt.
I think until the bankruptcy discharges and closes the property is in limbo, I would look for the lender to offer it as an REO at some point in the future! The lender will order a BPO and evaluate the property after they regain legal control. (My guess is the judge gave this lady a discharge and closing date that allows her to pack and move.)
Once the bank list’s it you can negotiate anything you want, until then I would think there is no chance the bank will talk to you through this lady as her bankruptcy list’s and discharges her debt obligation on this property at time of closing which means the lender can not even legally talk to this lady now!
If anyone is interested in real estate sales in the short and advice on real estate lawyer and an accountant prior to arrival. You also need to negotiate with the bank to get a lot. Make sure you understand the consequences of the process of selling real estate a short credit history. While purchasing a short sale buyers can be profitable, it must also seek the expert already.
I’m trying to acquire a condo unit via short sale from the lender/bank.
A unit owner in my condo complex filed bankruptcy HAS IT BEEN DISCHARGED OR HAVE THE BANK REQUESTED “A RELIEF OF STAY”? , she has not paid mortgage in many months HOW MANY MONTHS? I hope it’s at least 6 or more, if not why did she file for BK…was it for other bills or to save the property from sale?. I asked her if she’s interested in a short sale, but says she is fed up with the bank and does not want to deal with them. I’m trying to figure out how I should proceed in negotiating with the bank if I can strike a “deal” with her to give me the rights to speak with the lender about the account, YOU MUST GET THAT THIRD PARTY AUTHORIZATION SIGNED FIRST
How should I approach the lender? MORE THAN LIKELY YOU WILL HAVE TO CONTACT THE BANKRUPTCY DEPARTMENT TO START OFF.
Will they be willing to take or look at my offer?MORE THAN LIKELY THEY WILL ACCEPT AN OFFER ONCE THE PROPERTY HAS BEEN RELEASED FROM THE BANKRUPTCY…YOU CAN’T CLOSE ON A HOUSE/DEBT THAT IS PROTECTED BY “BK” LAWS
I’m a licensed realtor; I’m not interested in listing the property and she is not interested in listing. I’m interested in acquiring it and can show the lender what comps have sold for DO YOUR OWN COMPARABLES, LIST THE PROPERTY because more than likely they will ask how long has it been listed and ask you for a copy of the listing agreement.. Low comps of course