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Updated almost 8 years ago,
How can I acquire this property?
Hi There:
I have a client that has contacted me to review options on getting rid of their home which was in the foreclosure process.
I originally sold them the property back in 2006 in the midst of the real estate boom. They are upside down on their mortgage and haven't paid on the mortgage in many years. They would like to unload the property as it is in disarray and has become a burden hanging over their heads. (Side note, the property is in a great community, and definitely will go for top dollar in its best condition.) They were in foreclosure, but filed bankruptcy to halt the sale of the house and explore their options. They don't want to keep the house, but they don't want a foreclosure on thier credit and they fear the bank coming after them for additional damages.
They are willing to short sale me the house, but I have no experience with a short sailing a house while in bankruptcy. If my experience serves me correct, we have to settle the bankruptcy before we can sell the house? Right? The client has confessed to me that the only reason they filed bankruptcy was to save the house; but honestly, they don't want to keep the house.
I would like to know what the procedures would be to acquire the house through a short sale? The client is willing to withdraw the bankruptcy if they can expedite a short sale. And does anyone know of a title company in Orlando, FL that has experience with a complicated short sale? I have called a few and no one was really willing to take on the case. Lastly, the bank bringing the foreclosure is Bank of America, my past experience with them, is that they can be tough to deal with. Any information that you Guy's can provide would be greatly appreciated and very helpful.
Kind Regards,
Kay