I found a house that only has one loan on it and the buyer tells me that they cannot pay for it any longer(but have not recently missed a payment). I did some comps and found the house to be worth around 270k. Owner still owes the bank about 257k. Can I try to do a SS even if there is no 2nd loan? How much would you guys offer the bank on this deal? I appreciate all inputs! :bobble
Yes, you can still try. You will need to gather much more info, though (i.e. loan type? repairs needed? what situation caused the homeowner to stop making payments? etc…). Since the mortgage loan is not delinquent (not in default), this appears to be a minimal shortsale candidate. Have you considered other aquisition options? If you are confident about ss’ing this one, you will certainly need to sway the mortgagee by clearly identifying problems/repairs needed (including negative local market conditions, cost associated w/ selling selling via foreclosure, etc.) combined w/ the homeowners inability to make future payments. Whichever way you decide to go, I wish you the best…
Thanks a lot for the feedback! Much “appreciation”.