Yup, I posted the ad's just like ya said Coach and I got a fish on! Here are the comments he sent me: Oh and Dan... hope your NOT still on your computer! or your family will be sending the police out looking for you !

My construction business has had an absence of positive cash flow for the past
four months. We've got about a million dollars out on a project that was
supposed to fund six months ago. This residence is not my primary home.

As of Aug 1 he is now 4 months behind on payments. I am assuming he has received a notice of default at 30 days. (wa state)

Since this is NOT his primary home I am assuming that he is unable to sell short. Even if he doesent have equity in his primary residence. Right?

He will need to sell the home and break even or come to the table with cash. Doubt there is equity but I'll check.

He could have gotten a renter when he began to slide.... but it doesen't seem to be a rental. I'll have to pre-qual him tomorrow with the form.


Dan~ Where do I proceed from here with this person in troubble? What do you think his options are??

Sheez I'd like to save this guy from drowning and maybe he'd be a great client in the near future for some investment property...

_________________
Joey Soller
Associate Broker
TheSollerTeam.com

253-606-6332

Ok, you can sell an investment property short if you can show a need by the seller. Remember the lender is not helping the seller they are helping themselves. The lender is not trying to punish people so the decision to accept a short is not emotional in any way it is simply to save money. It sounds like a good candidate for short sale.

Don't understand the part "show a need by the buyer"?

On the tax records it shows that he owns 2 homes. So IF he is behind on this one wouldnt the bank turn up their noses at him because he has equity in the primary home even if he is 4 months behind on the secondary home?

I'm gonna call and do the prequal when he is off work.... so hopefully I can understand the concept more by then .. as in when someone has more than one parcel and they come to me to do a short sale.... or short payoff. IT seems if they have ANY equity anywhere they'd say no.. Is my brain in the dark??

_________________
Joey Soller
Associate Broker
TheSollerTeam.com

253-606-6332

Sorry that was a typo, I ment the seller has to show a need (hardship) before the lender will lose money to let them sell the property.

What Ad Did You Run? I Am A New Member - Thanks!

Virnalisi
Keller Williams Realty-cityside
Smyrna, Georgia
404-290-6914