short sale -what 2 do..what 2 do???

First and foremost… this website is GR8!!! :smiley:

I’m a newbie getting feet wet… already bought 1 property to rent out to section 8.

Here the situation.
I’m in Lake County, Il and there’s a home on my block that’s been vacant for a while.

Noticed that it goes up for aution on Feb 16, 2006.

What is owed is approx. 160,000. Very nice home.

Do I try to do a short sale??? :-
The current owner now lives in Georgia (and she’s not responding to my letters, calls etc. - but I’ll continue to contact her).

Or do I wait for auction to see if the bank gets it back and try to negotiate with the bank?

(what 2 do) x 2


it would be easier if you can do things before auction.

Why you say short sell? What is the house worth? What are owed on the property?

Hey Tolbelt,

Lake County, IL. I know some individuals that you could meet up with that could help with some ideas on the short sale process.

I am from Chicago myself and work with other investors that specialize in Lake County.

Looks to me that a short sale or anything prior to the auction is out of the question. The lender wont even talk to you without signed authorization from the owner.