ANY LAWYERS OR REAL ESTATE AGENTS OUT THERE THAT CAN TELL ME

A LITTLE MORE ABOUT A 'SHORT SALE' MEANING WHEN THE HOUSE IS IN FORCLOSURE. YOU HAVE TO RETAIN A LAWYER RIGHT? AND HOW LOW DO YOU THINK YOU CAN BID? OR WILL THE BANK ONLY TAKE THE ASKING PRICE OR MARKET VALUE? TIA!

HI Lisa!
I am a Realtor and am happy to help. You don't need an atttorney to bid on a short sale, but it is a long difficult process because everything has to be approved by the bank, not just a homeowner directly. You should bid less than the amount of the outstanding existing mortgage in default (second mortgage if there are two) because that's what is meant by 'short-sale'. The bank will take 'short' of what they are owed b/c the property may not be worth as much as the outstanding debt on it, ESPECIALLY in today's market. The bank doesn't want to foreclose on a property, because it actually costs them more to do so and also affects their ability to borrow money from the Federal funds. Banks with too many foreclosures are like people with bad credit.

If you want to send me the address, I'd be happy to look into it further for you.
[email protected]
Good luck! You can get a great deal with short sales.