OfflineSo if you are out wholesaling houses and you come across someone that has negative equity and likes the idea of a short sale and it makes sense, and you are the one negotiating with the bank on behalf of the homeowner and the bank accepts your offer, would they accept it knowing that you would assign it to someone else. I just have to believe that there are many situations where we run across pre-foreclosures with negative equity or none at all. I'm strategizing on how to handle these situations. Thanks for your input
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thanks again joe, your knowledge has really helped me
if someone wants to sell there home at 50% below FMV doesn't the bank have to ok that?
No Fear
That will otherwise be known as a short sale, and need bank's approval. You need to speak to your lender. Is the home in pre-foreclosure or foreclosure? What are the reasons for considering selling at 50% below FMV. In order to receive the facts, you will have to provide more details about the property. God Bless
Sandra
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If the homeowner wants to sell their house but the mortgage is more than what the house is worth at market value today,then it may quailify for a Shortsale.You will need to put a short sale package together and submit it to the Bank for approval.The homeowner will need to have good reason for selling through a shortsale if they are not in foreclosure or preforeclosure.are they behind on payment,loss of a job. Hope this helps.
Good luck & Good Investing
whurndon
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