Short Sale on a house being rebuilt and foreclosure right around the corner

I was contacted by a lady that had her house burn down last August.  She stopped making payments in October.  The house is currently being rebuilt.  She tried to get BofA and Fannie Mae to postpone the foreclosure because she wants to short sale the property.  The house should be done the end of March.  The foreclosure date is the middle of August.  I've never run into something like this.  How do you start a short sale without a house??  How do you put a house on the market that isn't finished?  How can B of A do a BPO?  Any ideas or suggestions would be helpful.  I sent the lady all the necessary documentation rqmts and forms necessary for a short sale, but then what???  Can you even initiate a short sale without a contract or a house??

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Comment by Bryant Tutas on March 13, 2013 at 6:15am

I would initiate the short sale in EQ now. The short sale is being done on the loan not the house. So the collateral (land, structure) is worth what it's worth. the property does have a market value even if the structure is not there. Really no difference than selling any other piece of real estate.

Initiate the short sale. Then start solving any problems that come up. It may be simpler than anticipated.

FYI. You will get better responses always posting questions in the forums. Blogs are for sharing information.


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