Posted on: 17th Oct, 2007 09:38 am
My brother resides in Europe for over 10 years, he has a property that will be soon up for forclosure, additionally, I've been receiving letters from realtors interested in purchasing the property as well. No, I do not have authortity to represent my brother. Also, is in need a major renovations, for which my pockets are not deep enough to incur. My brother really has no interest in the property. What should I do?
Well sometimes there is not much to do. In this case you can negotiate with the bank. This is called a short sale. Try to get the amount owed down to 40%to 50% of what the home is worth. Tell them the house needs repairs, neighborhood is not good and no realtor wants to take this house on at this price. alot of times banks are forgiving in these cases because of how the market is. to many foreclosurers. If the bank would do so then contact a realtor and put the house up as is and sell it knowing less to pay off and making some money
Bryan, I feel you're right. Maria can go for a short sale but first of all, she needs to ask her brother to quitclaim the property and transfer it to her.
Regarding the renovation, I feel you should request your brother to pay you a certain amount os that you can renovate the property in case you are the one selling it.
Regarding the renovation, I feel you should request your brother to pay you a certain amount os that you can renovate the property in case you are the one selling it.