Jo Boxer,
I work MANY short sales and yes when banks say that the house has to be listed for 90 days that is sometimes true. When the house gets closer to going to sale, however the bank often changes their mind quite quickly to try to avoid a loss. Of Course that offer that is being submitted with a short sale needs to be close to FMV. This are key questions that need to be answered when trying to gather an offer for the bank for them to consider… Be reasonable do not submit some ridiculious off the wall offer.
Take these questions into consideration:
How much is owed on the house?
How much in repairs does the house need?
What are houses selling for in that area?
What is the ACTUAL RETAIL VALUE of the home?
How much is the first Mortgage?
How Much is the second Mortgage?
Your brother will only have a good chance at getting a short sale if he meets the following criteria
- Owes more than the house is worth in its as is condition.
- Has a second mortgage.
Since you are the brother of the person going into foreclosure you will need to find a short sale negotiator in your area that will be willing to work the short sale for you and assist you in getting the property sold.
I saw a post before that said have a realtor back date the listing…Do Not do that it is ILLEGAL
Depending on the foreclosure laws in your area to give the bank bogus information about the property to try to save a homeowner for foreclosure is fradulant and if it is discovered that something like that took place there would be big issues to face.
If there is anything further that I could help you with let me know…
I wish you the best of Luck!
Aleshia