Ok I have many challenges first off I am in VA and have stumbles accross a very nice oppertunity to help someone in OH. I have a very motivated seller just wants to save his credit and get a little and I mean little cash to move on with his life. He is not behind on payments yet but will be soon. I think this is a perfect short sale situation after speaking with him. The home is 3bd 2ba 2028 sq. ft on 1.2 acres I have the comps and the property info what i dont have is investors in OH, Also he signed a duel agnecy contract with his re agent (also a friend) However I believe the agent wants to help out so I dont think that will be an issue. The house does need some rehab work and Im ready to roll But not sure how to get OH investors or what to do next. Any and All sugestions welcome.
If I’m not mistaken, you need to get the owner to agree to the short sale, then present it to the lender and get them to agree as well. Theres a chance the lender would rather foreclose and sell it themselves then lose money on the loan, no way to know for sure.
I think thats how it works anyways…I’m far from a pro
Yes that is pretty much how it works and thanks for your response however the owner is agreeable what i really wanted to know is if I get the bank to except the offer then what How do I get an Ohio invester to buy it I have no contacts there and I cant afford it my self soooo… any how ty and wish me luck…
For it to be a short sale opportunity it needs to be at least 4 months in arrears. It also helps if there is not a LOT of equity. If there is too much equity the bank will probably not entertain a short sale and take a chance on selling it themselves.
If you do obtain this property and are in another state, you could call a local realtor to sell it (if there is enough room to lose 6%). Either way I hope it works out for you. Good luck…
BlueStar is correct
You can’t do a short sale on a house if they are not behind on their payments.
It is a very slim chance they will do a short sale if it has alot of equity.
Maybe unless it needs alot of repairs!!
thanks for the imput. He is not in arears as of yet but very close He has put the house on the market for six mo. with his real estate agent but doesnt think he will make it. He does not have alot of equity. the house is on the market for 79,900 the comps range from 72-80 It does need alot of repairs, 6 windows, paint ,carpet etc. He owes 64,000 it was appraised at 72,000 If he can not sell it his agent is willing to work with me. I am plan B since he has already signed his agreement with his agent He is very motivated and wishes he hadnt signed with his agent. But I told him to try to do it that way first while he isnt behind and it may work out for him. If not I will see How I can help. So Based on this information. How should I handle this one. Also just out of curiousity I have sat in on Dwans teleseminars and she said there is a way of doing a short sale with them only being behind on 1 payment Is this wrong and why?
Thanks for all your coments
It depends on the lender.
Chase Manhattan only considers ‘structural’
Ameriquest …GOOD LUCK. They will send their appraiser out over and over until they get their payoff.
They are looking to get 100% of the current AS=IS value.
And their values are ridiculous compared to mine.
LOL Thanks Clay, that sounds about right…Not gonna stess it there is always deals to be made and I will find em Im sure. Thank you so much though for all of your comments.
I don’t agree with Bluestar, you can get a shortsale approved if the loan is less than 4 payments delinquent. It’s not easy, but it can be done. You just have to get past the frontline of the collections reps, and to a loss mit supervisor.