The Phantom Short Sale Buyer - Do You Believe in Ghosts??
So you get a call from a frantic homeowner who you have been marketing to. She waits till the last minute to contact you and ask for your help as her home will be auctioned off at a Trustee's sale next week. Assume that you exhausted all your options, such as using your investor contacts AND your client has no money to file for Chapter 13 Bankruptcy to stall the foreclosure. Let's also assume you feel like you can get a 200k offer on a short sale and get it approved based on the comps. Would you feel comfortable to put a short sale package together and fax it to the lender that day with a purchase offer from a phantom buyer?
Just in case someone doesn't understand what I am asking, a phantom buyer refers to submitting a purchase offer to the short sale lender for a person that does not exists. It is merely a tactic to get the short sale process started and auction post poned until a real buyer can be found.
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