Why is that a primary concern for you? Would it make you MORE or LESS interested in the property, for example, if the seller was moving for a new job? I understand that your interest might be lessened if the sellers were moving because the basement floods every time it rains -- but those sorts of conditions should be spelled out in the required Property Condition Disclosure. While we're on the subject, why are you moving from your current location? See, your primary concern should be the property you're examining, not the reasons that might underscore it. Talk to your Realtor about any concerns you might have, and good luck.... more
Public records indicate the Trustee Sale scheduled for 11/15 has been postponed to December due to a "BK filing" and that was just the 2nd mortgage. The first is likely on hold as no creditors can collect while a BK is in process. It is unlikely the BK will be resolved / discharged in 2013.
As for the SBA loan, (having done short sales with SBA loans in the past) it will be difficult, if nto impossible, to get a short sale done. That SBA loan was Cross-Collateralized against another property owned by a different person - like a business partner - and that property has already been sold as a short sale.
The SBA does not give-in easily. They are quick to tell anyone they have the "power of the US Treasury" and will attach all future earnings, Tax Returns, Social Security Income, Disability, etc. to recover their $Million+ still outstanding.
It is still possible, but not likely. The market has definitely become much more competitive for buyers and therefore there just isn't a lot of inventory out there. Consider all areas and feel free to email me or call me if you would like me to send you properties to consider in my area.... more