We are also assuming any junior liens were properly named/served in order for them to be wiped out.

At the same time as this was happening, I was actually in the process of changing majors in college (I'm a junior at JMU in Virginia,) and had dropped a few courses, so I felt I had some time to commit to the endeavor until my next semester starts.

It has no bearing on what price the lender will agree to.Points to know....First, use an Experienced short sale Buyers agent....there are just to many things to look out for in a short sale.Find out how many mtgs/liens are on the property....many times a buyer has to pony up extra money to satisfy a junior lien holder, above what the first lender will offer them.Assuming all paperwork’s has been submitted, expect 30-60 days for bank to do a bpo and accept=counter your offer.Submit a gc repair estimate with your purchase agreement.If the comps are $200k, you’ll never get it for $80k unless there is a serious documental $100k problem with the property.

In this instance, you could collect $50k plus FC costs and any excess proceeds would go to junior lienholders and, once they're paid off, to the previous owner/debtor.

Best, Junior

Junior

I had an agent friend trying to buy an REO, got stalled by “title problems” no timeline to cure......a quick search of the foreclosure file showed they forgot to name a junior mtg in the foreclosure...they were going back into court to vacate the foreclosure, start again naming the junior mtg holder, yada yada.....6 months minimum.

You do not need to be a veteran to assume this mortgage as they no longer need this VA benefit.The difference between the loan balance and sale price (approx $95,000) would need to be paid for via check  at closing as I have yet to find a mortgage company willing to act as junior lein holder. 

My name is Edgardo and I am a junior at The University of Texas at San Antonio where I am majoring in business administration management and a full time employee at a law firm.

The housing average in that area is around 120-125k and the elementary/junior high schools are right behind this property too.