Property Inherited Upon Father’s Death
Short Sale Closed
A Realtor had tried for months to get the homeowner to provide financials, bank statements, etc. to begin a Short Sale process. Another Realtor recommended this homeowner to me. The homeowner was a fairly young (30-ish) woman who had inherited the property upon her Dad’s death. She did not live in the home, nor could she afford the mortgage payments. I immediately realized the woman was not on either the Note or the Deed. Therefore, she was not responsible for the loan. When I called the lienholder, they were relieved to find that I understood the situation and agreed to take JUST the 3rd party authorization from the homeowner, allowing me to speak to them on her behalf. No need for ANY other documents. We listed the home and actually ended up in a bidding situation. We ended up selling the home for more than what was owed. The woman ended up getting $25,000 from the sale of the property and no Short Sale was necessary.
If we had needed the Short Sale, it also would have moved very quickly to close under these circumstances once we received an acceptable offer.