Possible short sale?

[Mark Sargeant]

Found a property 3 bed 2 bath that has been declared vacant by the county. When researching it I discovered that it has a foreclosure notice placed on it last June, but the bank has not acted on the notice.

I tracked down the owner who had claimed bankruptcy, has no other additional debts, liens against the property, and is moving back to Mexico within 2 months. He would prefer getting this off his back, and he has not lived in the property for 2 years but still holds title.

Bank payoff is $196,000 and appraised value (when rehabbed) is ~$230,000. The bank has no current plans to do anything (scheduled).

Is this a prime candidate for a short sale?

[Wayne Brooks]

BK doesn't change a short sale at all, except that it stalls the process while the BK is in process. Once completed, the short sale is the same as any other. The owner will still have to submit financials, the property needs to be listed, etc. the first step is to find an experienced short sale agent, and go from there. If it needs major repairs, submit a bid from a GC with the purchase agreement to justify the lower price you're looking for. Banks will consider these costs-maybe, but will ignore cosmetics.