Posted by Ben (OH) on December 19, 2002 at 06:30:23:
If it is a short pay the Trustee will usually approve the sale. That is because there is no equity to satisfy the creditors.
Owners can change thier mind in any circumstance, short sale or otherwise. It’s the quality of your written agreement that you will have to enforce.
Get the property under contract for the price you are willing to pay. Submit it to the Trustee. Sit back and wait. If accepted with the bank then close the deal
short sale/chapter 13 ? HELP!!! NEEDED… - Posted by six
Posted by six on December 18, 2002 at 21:50:08:
Owners are in a chapter 13. I contacted the bank regarding a short sale. They are willing to do a short sale, but said I had to submit my offer through the trustee. My question is if the trustee does not like my offer will they still submit it to the bank (low ball offer)? Also can the owners later decide that they do not wan’t to sell or will the trustee procede with the sale of the property trying to find a higher offer. The owners would like to sell to me because we have a side agreement for me to purchase some furniture so they can get some moving money. Without this moving money they do not want to sell! So if my contract is rejected, will there house still be sold?