Home Buying in 60622>Question Details

flynneagles, Home Buyer in Detroit, MI

I put an offer on a home where the owner had past away.The family wants to walk away from it.Would this be a short sell as there was a mortage on it?

Asked by flynneagles, Detroit, MI Tue Sep 18, 2012

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9
If they walk away from it and theres a mortgage, it would go into foreclosure.
1 vote Thank Flag Link Tue Sep 18, 2012
If the remaining balance of the mortgage on the property is more than the property's current value, then yes it will be a short sale.
1 vote Thank Flag Link Tue Sep 18, 2012
If you want to buy it at this stage you should convince the family not to walk away and to do a short sale. Get a good Agent and a good Attorney asap!

Otherwise will go in Foreclosure .
0 votes Thank Flag Link Thu Sep 26, 2013
The only ones can give the right answer is the owner's family. Only they know if he owes more money to the bank than the market value or exactly what is the reason that they do not want to sell it or they can't.

Best of Luck,

Maria E. Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Mon Sep 24, 2012
If you make an offer to the family that benefits them, then they may sell it to you. ...else, not much you can do if they do not want to sell or do not care what happens to the property. Is the home vacant or are they living in it? If they are living in the home they may be living for free, therefore have no interest in selling and/or moving until they ultimately have to.
0 votes Thank Flag Link Wed Sep 19, 2012
A short sale is where the sale price is less than the mortgage and the owner does not have the difference to bring to the closing.
What does the contract say about walking away? Speak with your attorney.
0 votes Thank Flag Link Wed Sep 19, 2012
no..they want to sell it to cover costs more or less
0 votes Thank Flag Link Tue Sep 18, 2012
If the family wants to walk away there is little you can do to buy it from them. You will need their acceptance of the contract.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Tue Sep 18, 2012
I am assuming that there is more debt on the home than the market value, but it is only a short sale if the bank agrees to a short sale. Let me know if I can help answer any questions for you
0 votes Thank Flag Link Tue Sep 18, 2012
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