Short Sale---How To?

Posted by Tony on February 14, 2003 at 23:43:11:

I am in touch with a homeowner who is going through a foreclosure and willing to sell the building for the amount due, just to save his credit rating. Property worth is about $180,000 and he owes $150,000 on it.

Property needs some cosmetic work, nothing major and I like to do the short sale to get it for say 125K from the bank. Its in NY and Citibank is the mortgagee.

Someone there to help me with the steps, How to do it?Its my first deal. I appreciate the board and I have learned alot from it. Thanks

TonyNY

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: I am in touch with a homeowner who is going through a foreclosure and willing to sell the building for the amount due, just to save his credit rating. Property worth is about $180,000 and he owes $150,000 on it.

: Property needs some cosmetic work, nothing major and I like to do the short sale to get it for say 125K from the bank. Its in NY and Citibank is the mortgagee.

: Someone there to help me with the steps, How to do it?Its my first deal. I appreciate the board and I have learned alot from it. Thanks

: 
: TonyNY



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