Newbie with a Shortsale question

Foreclosures, Short Sales, Tax Foreclosures
1

I just started investing and I got a lead for a home that was being rehabbed, but was not completed.

The home owner got into a car accident and is unable to finish fixing the property. The property is vacant, and there is only one mortgage from Indymac.

The home owner agreed to let me handle the whole procees of the shortsale, but they are asking for at least $275,000.

I thought once the homeowner agrees to sell me the home, they can not ask for a certain price. Isn’t is up to the bank to agree on a price?

2

In a short sale the current property owner may have already asked there lender what they will except?

Reguardless, the seller (Current Owner) must sign the short sale documents in escrow so if they think they should get this price and then it fall’s short, they do not have to sign and the house goes to foreclosure.

The long and short is you have to have the current owners signatures or it does not close, reguardless of what the lender thinks!

                 GR
3

I agree with you.

4

Interesting and better to take legal advice.