So a guy calls me today and tells me his house is going to the auction steps in 3 weeks. I pulled up the comps on the house and am interested in it only if i can do a short sale. The owner has been late on payments for about 8 months now. Do u think i should waste my time calling the bank trying to short sale the house? Or at least drop the backpayments?
Thanks in advance, nick
1st you have to get the owners consent to talk to the bank on their behalf. Then you can negotiate with the bank. Just put in an offer that’ll allow you to make a profit. You can work on justifying the offer if they reject it.
What kind of question is that? What do you think you should do? How do you know that the property can be shorted? You said you comped it out but didn’t put a value on it? Is it over or under leveraged?