I have a land contract with the owner of a property. In the recent months the owners have hit a rough spot

Asked by William Wethington, Home, WA Fri Oct 17, 2008

and are now asking me to buy the property outright. I can't barrow what is owed. To keep the property out of forclosure would the bank holding the mortgage sell it to me for a lesser amount? (Quick Sale)?

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Maria Morton, Agent, Kansas City, MO
Fri Oct 17, 2008
The bank might accept a short sale on the property. The first step would be for the current owners to call the bank and discuss their situation to see what options might be acceptable to both parties. The next step would be to contact a local realtor to request a comparative market analysis showing the bank that the property will not bring what the sellers owe on the property in today's market. The current owners will want to be sure that the bank will accept whatever is paid for the property as payment in full and also release the property so it can be sold.
Web Reference:  http://www.mariatmorton.com
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