Posted by Lazaro on June 19, 2001 at 19:28:52:
I believe that if you have a Limited Power of Attorney that allows you to do anything concerning the property you can do the negotiations. I believe you need the Power of Attorney to do that. Check with others here as well as your lawyer. Hope this helps.
Cordially,
Lazaro
Anyone negotiated a Short Sale successfully - Posted by andre
Posted by andre on June 19, 2001 at 17:29:07:
I’m hoping this is a good oppurtinty to gain big dollars. I have a property that was deeded in a land trust. Of course it’s behind in pymts. The preforeclosure process just started. I have a buyer approved and ready to go, cash, in the wings to purchase. ARV is $185k; balanced owed is $151k.
1-Can I negotiate the sale or does the prior owner have to make the offer?
2-Is it tangible to get a $100k cash offer accepted? Or what would be a tangible offer to make?
3-Can someone give an outline of the process to get an offer accepted?
Thanks for any and all direction in the process.
Andre
Re: Anyone negotiated a Short Sale successfully - Posted by Tarun_MD
Posted by Tarun_MD on June 19, 2001 at 21:29:49:
Andre,
I got the deed on a house about a month ago with a similar situation. He was about 13k behind on payments. Since the house was in a ch 13 bk(not discharged yet), the bank wouldn’t even talk to me.They kept transferring me from one dept. to another…Very frustrating. I gave up.
…you need to contact their loss mitigation department and be very specific about your questions. Know exactly what you are going to ask them or else they’ll keep transferring you.
Tarun
Re: Anyone negotiated a Short Sale successfully - Posted by Dallas Allbritton
Posted by Dallas Allbritton on June 19, 2001 at 20:20:23:
Short sales can be easy, depending on the lender. One thing to NOT DO… Tell them that you have a buyer in the wings… I’d get all the information possible from the owner of record on their loan and I’d get a contract in place with the owner of record for whatever you are willing to pay him for the property.
Then I’d contact the lender and ask to BUY THE NOTE at a discount and make your offer. if they counter the game is on. Once a price is set you need to be ready to close with your buyer QUICKLY because the lender will want there $$ in a hurry. You can do a same time close and have the title company close both loans the same day.