Posted by Kristine-CA on October 05, 2007 at 14:13:20:
My experience is that many sellers are very open to sub2 these days.
The media has given them more info about short sales and sub2 and
other real estate matters than ever before. That, combined with
internet information, helps many pre-foreclosure sellers be more pro-
active IMO.
However, it’s you I would worry about first. What kind of loan does this
person have? Adjustable rates, perhaps? What kind of interest? How
does the PITI compare to rents? What’s your exit strategy? What kind
of market are you in?
Just because a seller is open to sub2 doesn’t mean you should take it.
I’m getting calls now where people are asking for me to take over
payments, but so far they are so far upside down and the loans so
crappy that it’s not even a possibility. Of course, this is market
specific, so your area may be different.
As far as more information, there is a lot on this site and if you search
google that explain short sale in layman’s terms. Kristine