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Updated over 11 years ago,
Question about short sale lead
I have a guy who called my sign who says he's trying to sell a house for his brother who is out of state in the Military. After doing my research I see he owes more than what the house is worth in retail condition. Comps say his house is worth around 130,000 and he says his brother owes about 158,000. He says his brother wants to sell so he can buy a new house where he is currently stationed in the military. I know theres some obvious hardship if his brother (the owner) is out of state and is paying for a house somewhere else although he says his brother is not currently behind on any payments. I haven't seen the house but he says it is in good condition (which I'm pretty sure it will need at least cosmetic improvements).
He probably has a VA loan in which they will only discount down to 92% of what it appraised for.
Is this situation worth pursuing a short sale?
Since his brother wants to "get rid" of this out of state home so he can buy a new home, will a short sale prevent him from buying a new home where he's at?
If the house fits criteria, will taking over payments sub-2 prevent him from buying a new home.
All answers/advice are much appreciated
Thanks and have a great day!!