Quote:
Originally Posted by SinisterStudios
Sounds like the property is upside down already, and with a sinking real estate market you'd be best to steer away from it. Try to help them by steering them to a good real estate agent, its better to take a small loss then sit on a house in a sinking market thats upside down already. I think we have only seem the tip of the iceberg with the sinking market and all the over stretched people out there.
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Their best best is to get with a real estate agent that is reputable, and knows what the term 'short sale' is. Not all agents are competent or have experience with them.
What will happen is the agent will put the house up for sale. Then when there is an accepted offer, it is sent to the lender for approval. They are the ones that are going to eat the loss. This is bad for the credit report, but not as bad a foreclosure.
As for you buying the house, only do it if makes sense for you. If it is going to be a rental, will it actually make enough to pay the mortgage?