Hey All,
I was looking for some assistance and opinion. I looked at a house today and put together the paperwork to bid on it but I am concerned. The current owner purchased the house 3 years ago for $359,000.00 and PNC is the primary and only lien holder. The asking price of the seller is $250,000.00 which is what I offered. Not having ever worked a short sale before I am wondering what I need to do to make sure I am not trapped in any battles between PNC and the current owner. What I am looking for is direction on what questions I should be asking of the Sellers agent about the preparation they have gone through to set up the short sale. I am assuming that they should have talked to the bank and agreed that $250,000 would release them from the lien and allow me to buy the property. Again any assistance in what I should do or what the seller should have already done would be greatly appreciated.
