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We are heir to an "underwater". Not court appointed exe yet. Have interested buyer. well below the outstanding balance can we sell

by kciulla0602334 from Horseheads, New York. Oct 25th 2016 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,097 contributions

Maybe... That is known as a 'short-sale'. You'll need to contact the existing lender to negotiate selling the house and paying off the loan for less than what is owed. Your real estate Agent can walk you through the process. Note there is no guarantee the lender will accept less than owed.

Oct 25th 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

It's not that easy.. and the scenario you are talking about has been an abused area of loan fraud for many years, so the lenders are very cautious.. If the property is underwater, then you would need to contact the lender and ask if they would be willing to entertain a "Short Sale".. then work with them in "Fairly Marketing" the property for sale, meaning listing it in the local realtor's multi listing service.. It's the only way the lender will know for sure that they are receiving the maximum amount for the property.. Also understand, that they will make you sign a document that states you are not in anyway related to the new buyers.. this is called an "Arms Length" Transaction.. (again, another area of fraud). You might be better off contacting a local attorney and ask about specific laws in NY regarding estates and whether or not the estate would be liable for any deficiency if the property sells for less than what is owed.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Oct 26th 2016
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