First Short Sale .......

[Shane Schaetzel]

Hello everyone,

I am a Real Estate Auctioneer / Broker in Wisconsin. I have recently started studying short sales as I come across leads very often. I have a few properties that I am going to look at tommorrow and I feel that one of them fits the bill.

Owner was in Foreclosure, now just filed Chapter 11...

Mtg balance of 120k

Property worth roughly 130k ( Appraised @ 145k 3 yrs ago, so just figuring in avg decline in value for the area )

Small town locale about 45 min from Madison Wi

This being my first foray into Short selling, I want to make sure my I's are crossed and my T's are dotted....

My exit strategy is to get the home discounted enough that it can easily sell at auction or flip to an end buyer...

Best strategy?? What to prepare for?? What paperwork is involved?? Can I even expect to do this since it is in Chapter 11?

And as a side note, I LOVE THIS SITE.. It is because of you all that I even realized that this option and many others have existed that I didnt know about.. Thank you all in advance and god bless!!