Private Short Sale

Foreclosures, Short Sales, Tax Foreclosures
1

I recently came across an ads for multifamily poperty that included:

Private short sale. Call for details. Make offer! Response in approx 48-72 hours. MOTIVATED SELLER!!!

I’ve seen “Private short sales” on a couple of other ads. Is this a way of an investor saying, “I’m in over my head and just want to dump this property?”

Gory details:
8 units 2+1 Rent $610
Expenses:
…
Utilities: $3360 (Master Metered Electricity?)
…
Asking: $459,800

I couldn’t see offering much more than $200,000

Thoughts?

2

Call and ask.
Would you tell me about your current condition.
What is the bottom line you will take for it.

3

Hello tgauchsin & JOHNNY Q,

Are the properties of interest in California? FYI: Short sales are not a fast process, in fact the bank has to APPROVE the short sale which can take months before hearing ANYTHING back from the bank if an offer is submitted. Keep in mind that the bank/lender is losing money on a short sale and the owner has to qualify for the short sale. Once the short sale is FINALLY approved, Buyers may submit their offers. There are instances that owners will NOT qualify to do a short sale and Buyers have wasted their time submitting offers to be told NO by the bank. EVERY situation and owner is different.