Should you encourage short sale?

[SD Realtor]

xbox there is definitely no harm in sending them an unsolicited request to purchase. I know people who have literally knocked on doors. I left a note for someone in scripps a year ago when I was looking. Many times the sellers are actually trying to do a loan mod either by themselves or using an attorney. If there is a NOD on it then yes any realtor can help you find the basic information. If you really want to arm yourself with alot more, go downtown and pull up all the records at the county recorders. There may be other liens, IRS and otherwise that will be useful for you to know about.

Personally I have never heard of a homeowner and a buyer working out a short sale with the lender in a FSBO type of manner. It may indeed be possible, you never know unless you try it. The first hurdle though is approaching the homeowner to see if they will entertain the idea.

Denial runs in many directions and many homeowners in deep trouble with lenders tend to deny the situation. Even when valid unsolicited offers come along they blow them off with some delusional attitude like they will be able to keep the home and everything will be alright.

[LAAFTERHOURS]

What about a property already owned by the bank (bought at auction months ago) yet the owners or tenants are still in the house living free? Is it possible to get them out and the house via speaking to the bank about it?

[LAAFTERHOURS]

What about a property already owned by the bank (bought at auction months ago) yet the owners or tenants are still in the house living free? Is it possible to get them out and the house via speaking to the bank about it?

[LAAFTERHOURS]

What about a property already owned by the bank (bought at auction months ago) yet the owners or tenants are still in the house living free? Is it possible to get them out and the house via speaking to the bank about it?

[LAAFTERHOURS]

What about a property already owned by the bank (bought at auction months ago) yet the owners or tenants are still in the house living free? Is it possible to get them out and the house via speaking to the bank about it?

[LAAFTERHOURS]

What about a property already owned by the bank (bought at auction months ago) yet the owners or tenants are still in the house living free? Is it possible to get them out and the house via speaking to the bank about it?

[XBoxBoy]

Thanks for the replies so far…

sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.

My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)

Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?

Thanks again for the responses

XBoxBoy

[XBoxBoy]

Thanks for the replies so far…

sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.

My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)

Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?

Thanks again for the responses

XBoxBoy

[XBoxBoy]

Thanks for the replies so far…

sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.

My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)

Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?

Thanks again for the responses

XBoxBoy

[XBoxBoy]

Thanks for the replies so far…

sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.

My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)

Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?

Thanks again for the responses

XBoxBoy

[XBoxBoy]

Thanks for the replies so far…

sdrealtor, I not too worried about a bidding war on this REO property. This is in a nice coastal area, and things aren’t nearly that hot here. Now if the bank were to low ball the price, yes it would get a bidding war, but the few REO’s that have occurred in the over a mil range nearby have not been low priced and in several cases the banks had to lower their asking price before getting to pending.

My hunch is that this owner is just doing what they can to ride the system for as much free rent as possible. I think they’ve already had a loan mod and redefaulted on that. As mentioned, the auction is scheduled for next month. My worry is that if I go to the owners and encourage them to short sale to me, they might just use this as a ploy to drag out their free rent situation. Then four or five months from now they cause the short sale to fall through, and viola, they’ve ridden the system for another four or five months. (Although I’m a bit surprised that they haven’t even tried to short sell it already)

Also, if we do a short sale and they don’t move out, what are my options? Do I then have to take them through the eviction process? What if they trash the place while I’m trying to evict them? If I’m leery of the current owners, wouldn’t it be better to let it go to the bank and let the bank evict them? In a short sale, do you not go to escrow until the current owners are out and you’ve done a final walk through?

Thanks again for the responses

XBoxBoy

[sdrealtor]

All of that could be arranged but as SD R said the key will be the selelrs willingness to go forward. If I knew more about th eproperty, lenders, loan etc I could give you some info to use with them if you wanted. I have seen it done before.

[sdrealtor]

All of that could be arranged but as SD R said the key will be the selelrs willingness to go forward. If I knew more about th eproperty, lenders, loan etc I could give you some info to use with them if you wanted. I have seen it done before.

[sdrealtor]

All of that could be arranged but as SD R said the key will be the selelrs willingness to go forward. If I knew more about th eproperty, lenders, loan etc I could give you some info to use with them if you wanted. I have seen it done before.

[sdrealtor]

All of that could be arranged but as SD R said the key will be the selelrs willingness to go forward. If I knew more about th eproperty, lenders, loan etc I could give you some info to use with them if you wanted. I have seen it done before.

[Author]

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