Short Sale Questions

[Dennis Brody]

Hello Bigger Pockets,

I am looking for some guidance on navigating short sales.  I am working on a deal where that owner of the property has passed away and has no family.  The home is in bad shape probably worth about 50k as it sits.  There is a mortgage for 80k.  I was told if you can get a realtor to write a refusal to list letter.  You could have a much easier time negotiating with the bank.  I have never done a short sale and would appricaite all the help I can get.

Thank you all,

[Wayne Brooks]

Talking to the bank is useless. The bank has no control at this point, as they don't own it, and there is no one with authority to sell. Nothing can happen, without some heir gaining authority to sell and willing to pursue a short sale, until the foreclosure auction. Buy it there, or wait for it to become listed as an REO.