I have a homeowner who simply just can not afford to stay in his property do to a job loss by his wife. Their monthly expenses are $4K and they are only bringing in $2,500 currently. The house is worth $400k but the balance the owe is $362K. My question is since the balance does not equal or exceed the market value can a short sale still be complete based on the homeowners current financial situation? Any advice would be helpful. Thanks.
yes of course you can.
Once you contact the bank, and yoiu ask for the short sale, they will send out a BPO it is up to you to influence the BPO
TG
Be at the property to influence the BPO (point out everything wrong with property, find other low comps, especially if you can distressed comps, etc.). Just because you think FMV is $400k doesn’t mean that the BPO has to come in at that number.