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?