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

Foreclosures, Short Sales, Tax Foreclosures
1

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

thanks
tolbelt

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?

3

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.

4

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.