[TheForge] OT: House in FL

[jim poulmas]

Andy,
Have your friends call their their lawyer and find a real estate agent
who can arrange a short sale. (A short sale is when you sell the house
and the bank takes a loss. You have to prove hardship and the lender
has to approve the sale but I don't know one single agent in my office
who hasn't done one recently. And some agents do nothing else.) People
are often reluctant at first because they are not familiar with them
but they are very common in the real estate world. Even if your
friends believe it's too late it may not be. Someone who does these
all the time will know how to navigate bank bureaucracy. I've seen a
lot of people come out of crisis more or less broke, but very happy
that their credit isn't demolished.

I've only read the first paragraph of this but it expands upon what I
have written.
http://en.wikipedia.org/wiki/Short_sale_(real_estate)

Jim



On Tue, Sep 9, 2008 at 11:38 AM, A Vida <osan at netlabs.net> wrote:
> Folks,
>
> I would not ordinarily post something like this here, but this is sort of an
> emergency.
>
> A good friend of mine and his wife moved from FL to WV.  Their house in FL
> has been on the market awhile and is now in the beginning stages of
> foreclosure - another casualty of our collapsing RE market.  With the
> foreclosure their credit is going to go straight to the bottom.  They are OK
> with it, but I am less so, therefore I am putting this out in case there is
> anyone in FL looking for a new home SW of Tampa.  I don't have the specifics
> but can get them quickly.  The house was appraised at $265K - they owe
> something like $220K and will gladly turn it over to anyone willing to take
> it for that sum.  They just want to get out from under the mortgage.  My
> understanding is that the house is in very good condition with several new
> features... new kitchen IIRC and some other things as well.  Good
> neighborhood - no crime.
>
> If anyone is interested or if you know anyone that may be, please feel free
> to put them in touch with me and I will put them in touch with Jimmy and
> Jody.  These are VERY good people and I'm just trying to help them out a
> bit.  They are in a corner and are ready to just give up, so I thought I'd
> pick up the flag and run with it awhile.
>
> Thanks, and once again I am sorry for the interruption of our regularly
> scheduled chaos.
>
> Regards,
>
>        -Andy
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