Another idiotic school and another idiotic decision. BTW, anyone know anything about buying a short sale house? just wondering
I know that it takes longer than a normal transaction, and the banks tend to be inflexible on price. Plus, the place probably needs some fixin'.
I’m guessing you’re asking the first mortgage holder to take less than the balance due. Even at that “price”, be sure the house is a fair value market-wise. Just because it’s less than what is owed doesn’t mean it’s a good price. Also, any second mortgages on the place? And does THAT lender know about the deal?
Is the seller behind on payments? May or may not be. If they are, are they behind on taxes, etc? All of that will shake out by/at closing, but it’s nice to know about that stuff in advance.