I want to buy back my first home....Short Sale..Buy and Hold in Maryland

[Tasha Mckoy]

Hello BP,

Several months back, I saw the first home. I purchased at 20, up for sale again.  The lady I sold the house too was short selling it.  Unfortunately, no one purchased it and it was not listed again. I was thinking of buying and holding this property.  What do I do? How do I approach the owner.  What are my steps? I would really like to hear from someone in Maryland that could help me?

Thanks,

Tasha

[Tom Mole]

Patience, @Tasha Mckoy. ;)

I'm on the left coast, clearly not anywhere near MD. I hope that doesn't matter too much. At least I'm responding.

Can I ask you why you want that first house back? I mean it's none of my bee wax, but if you want it as an investment, there might be an emotional attachment that could cloud your decision making.

OK, I'll assume that your motives are purely business. Further, I'll presume that this is a killer deal, provide you can get it at the right price and you figure that you can. In that case give the owner/seller a phone call to ask if she's still interested in selling. If not, then buying anyways would be a non-business decision.

If the seller is interested, ask why it didn't sell during the short sell. Did the bank disapprove the price or were there just no offers? Is the place about to go into foreclosure? What is the least the seller would consider in order to sell? You see? You've got to contact the owner. If you do it right away and the seller is motivated, then you have the no competition and should be able to negotiate the lowest possible acquisition price.

Post and update when whatever comes of this happens. I'd be interested in hearing how this shakes out. Let me know if there's anything I can do to help.

All the best.