You're in luck, Dan. You can still do a short sale. It's a fact that lenders are more motivated to do a short sale on a property that needs repairs than on a property that doesn’t. Most lenders understand that the risk of loss goes up when they foreclose on a property that needs lots of work. Here is an easy way to get a discount approved for a short sale.
Show your lender that a lot of repair work is needed to bring the property back up to a marketable condition so it can be sold. Lenders are simply not set up to get any repair work done. They are in the loan business, not the repair or handyman business. It really doesn’t matter the type of house or condition, all mortgages can be discounted.
The very best types of properties to perform short sales on are houses that are in rough shape and need repair work because the bank will often allow a bigger discount for it. If you have a property that is in rough shape and needs work, do not leave it to be foreclosed. We are here to help. Just send Ashish a friendly email or contact him through our website or Facebook page.