I am a newbie and had a question. I have a very motivated seller and I currently lease his property that he’s wants to sell, do to some financial issues. I have done the comps in the area and the value is around 500k-570k. He is not currently in forclosure, so can I attempt to do a short sale due to the fact that he has mentioned that he cannot continue to hold this property. PLEASE HELP.
You might have to wait until he is behind in some payments. Not positive though. Follow up with the seller.
A newbie here…what is a short sale, and what and where would you recommend that I read to learn about this type of sale? Thanks in advance.
Skye - not enough info here. Property worth 500-570. How much does he owe on it? How much are you willing to pay?
Whether he is delinquent or not at this point he will have to provide financial information to his lender that convinces them he doesn’t have the means to continue to pay. And the price you are willing to pay has to be “reasonable” given the property condition and value.
:cool IF all is well and not behind on payments as you say /// but he just wants to sell as he it sounds needs money for some other trouble ???
SIMPLE do a owner finance and have a simultaneous close of some kind on the deal ???
IT will all be said and done in 30 days or less /// and you will be a home owner and he will have his funds !!
JUST make sure that there is no hidden stuff like a irs lein on the home or something else that may make the title clouded or the deal can not happen
He may not want to do owner financing… If he needs out… Just ask for a discount in his equity. Ask for a ridiculous discount. You may never know until you ask. And put it in writing… Because if your offer is the only one on the table, it will look more desirable as time goes along. And remember, Asking is FREE.
Good luck :beer
:cool hey with a simultaneous close the seller gets cashed out of the whole deal in just a few days :shocked you must not have read my post well or do not understand a simultaneous close deal ??
Real Estate 001 – your posts are extremely difficult to comprehend - it has little to do with a lack of understanding of the underlying concepts.
:cool please explain how and why they are hard to understand
AS i would like to fix this problem so all who do not understand will :beer
I have found them difficult to read as well. A lot has to do with the punctuation (or lack of).
:cool okay !!! I did not know posts were graded on grammer /english class?? SORRY for the trouble will do better!!!
I work for the 5th largest bank in the country. I work in the Short Sale/Loss Mitigation department. Being that the account isn’t in foreclosure status a Short Sale offer may be tough for the bank to accept. You may want to simply see if the bank would consider doing a Settlement for 90-95%. The profit margin may not be the greatest for you or him but keep in mind a Short sale may call for a deficiency balance due.