You can represent
the seller or homeowner in distressed situations like this one, as long as you
are purchasing the property yourself. The main thing you need to do is ask
yourself these questions.
- How much does the person owe on their mortgage, including interest and penalties?
- How much time is there before the house goes up for
foreclosure sale of default?
- How much is the house worth at market value after
repairs, upgrades or renovations?
- Does the person have additional liens on the
property, such as a second mortgage, equity lines of credit, tax liens, or
mechanic liens?
- Does that person have a current bankruptcy, such as
Chapter 13—all bankruptcies must be dismissed before ownership can
transfer?
- Are there any additional owners on title—all owners
must participate in the Short Sale process.
- And most importantly, ask yourself if the profit you will make is worth going through the Short Sale process?
For more information, you can contact us at info@myforeclosureconsultant.com
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