Is this a do able short sale?
Comments, suggestions welcome!
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Is this a do able short sale?
Comments, suggestions welcome!
You need to be a member of Short Sale Superstars to add comments!
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Okay. Now I'vd got one, too. BOA. Deceased Seller. No POA. No probate. Daughter and Son-In-Law are on the Deed (how did that happen?) Am on hold with BOA to find correct department to initiate short sale. Who signs the 3rd party? Who signs the 4506T? Who signs? And, as Joetta stated, what is the benefit of a short sale aside from avoiding another foreclosure in an already frail market and a little bit of a commission? ($90K sales price) Thank you for your experience.
Walk away.........
It’s hard to get the "hardship" letter signed.
On the other hand unless the estate is large and collectable the lenders should be motivated.
I’ve done this, but not during the current crisis.
It never hurts to ask, but present an offer when you do.
Bill
That death certificate is a hardship situation!, no signature necessary. I have closed several executor driven short sales.
Thank you ALL for your input!
I Facilitate my own short sales.However, have not done this scenaio. Also, do qualify the borrower/transaction!
(no third party BSS) . Not a big estate, also everything current! The heirs have no gain. Yes a temendous amount of SS work.
Thanks again all!
yes, the executor for the deceased is the signer. Court appointed documentation naming the executor from probate. No problem. No bank stmts, no pay stubs, etc. Not a problem. the lender prefers this is completed sooner than later.
we had this situation occur earlier in the year
son was power of attorney when his mom was alive.
Mom passed away while we were negotiating and bank wanted us to continue.
Please ensure you have legal assistance, because this is way to sensitive in many areas for an agent to handle all on her own. Legal counsel would ensure the approvals are processed quickly and also protect the agent(s) from any mishaps. This is one case, I suggest you need legal counsel. We handled a case with a deceived borrower, and they had 8 properties, and there was a lot to work out with the lenders, and legally. Let me know if you need help, and are the properties in CA?
It may be doable, but unless it's higher value property and depending on who the lenders are, it likely may not be worth your time and the frustration associated with it.
Who actually owns the property now?
Agreed. The agent / negotiator will likely be working for less than minimum wage on this one. :)
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