Difficult Short Sale Seller

Difficult Short Sale Seller

Henderson, NV · Member since 2015 · 30 posts · 2 votes

Hi guys,
I've been working with a seller who has a very hard knuckled, my way or the highway approach. Her house has been vacant for 5 years, multiple liens, multiple judgements (one of them for $30,000), house vandalized, and no insurance on the house to name a few ket points. The bank has not foreclosed on her and nothing has happened with the house for a long time. She has tried to sell it, but the bank has held up the process for one reason or another. She has required that we work with a specific law firm, which I am fine with, but is very nearly demanding that I put up over $6,000 up front to pay the attorney to negotiate her short sale which could obviously end with the bank not agreeing to my offer (no offers have been made yet). I can't agree to that sort of risk with no security of any return! I'm a new investor and would love any suggestions of how to help her see that she should want/need to sell the property. She seems eternally okay with it being vacant and all sorts of liens and judgements encumbering the title. 

The biggest selling point I see is that it reduces her liability and helps her achieve a clean slate. Any suggestions on how to help her?

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Lender · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y

Next!  There is no way in h-e-double hockey sticks I would ever pay a sellers Attorney fees to negotiate a short sale.  This deal has so many different ways to turn out to be no deal for you it's not even funny. 

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  • Lender · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    10y

    Next!  There is no way in h-e-double hockey sticks I would ever pay a sellers Attorney fees to negotiate a short sale.  This deal has so many different ways to turn out to be no deal for you it's not even funny. 

  • Henderson, NV · Member since 2015 · 30 posts · 2 votes
    10y

    lol! That's kind of my thoughts as well Charlie! She says, "I don't want to spend any more money on this house"...so I'm left to ponder how I can help her see that spending more money to get this to happen is actually to her benefit!

  • Lender · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    10y

    @KC Morgan She's probably sleeping with the Attorney and their sole income is "short sale negotiation" fees...holy Hannah...NEXT!!!!! 

  • Henderson, NV · Member since 2015 · 30 posts · 2 votes
    10y

    lol!! :):):)

  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Walk away, this will likely just lose you money and cost you lots of time.

  • Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    10y
    Guess who is getting the "short end" of this deal?
  • Denver, CO · Member since 2015 · 251 posts · 123 votes
    10y

    You don't need an attorney to negotiate a short sale. If they won't use a real estate agent to negotiate then walk away.

  • Henderson, NV · Member since 2015 · 30 posts · 2 votes
    10y

    Thanks guys. Appreciate the responses and guidance very much. I'll respond nicely to her and give her the line in the sand that I'm not willing to bend on! Thanks!

  • Lenexa, KS · Member since 2015 · 206 posts · 53 votes
    10y
    Personally, I would move on.
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