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Short Sale Scenario

Hi folks. A few months ago I had Sellers call me who had just received notice that their property was being sold at auction in 10 days. Of course they wanted to know if I could help. As the good little Broker that I am I said “Maybe”. I asked a few qualifying questions and found out the property was:

* Purchased as a “flip” that flopped.

* They had a first Mortgage with 1st Horizon and a 2nd with Etrade.

* The mortgage balances totaled roughly $220,000 and the property was worth about $60,000.

* The Sellers had recently divorced.

* One was in California and the other was in China.

The biggest obstacle of course was the auction date barreling down on us. Both Sellers would have to get me their financial information very quickly AND we would need to find a Buyer…… yesterday.

So my question is……..would you take this listing?

***In order to be successful with Short Sales you have to be able to pick and choose who to work with. You have to make sure the Sellers qualify and you have to make sure they are motivated. Want to learn more?

Short Sale Basics