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February 17, 2008 at 5:23 PM in reply to: Boil and bubble, double the trouble! Commercial RE #154872February 17, 2008 at 5:23 PM in reply to: Boil and bubble, double the trouble! Commercial RE #154882
SD Realtor
Participant“Over the long term, I think there are some Class A tenants who would be willing to move to Class B space if the rent differential made it worth their while.”
Funny you mention that Bugs. Right now I am negotiating a new lease for a business my wife owns. She is finishing up a 5 year term in class A space and we are searching in some class B/B+ space which should reduce our rent by close to 50% with very little loss of business. Our landlords in the current class A space refuse to budge on base rent price and it is also a NNN lease. Most of the class B/B+ buildings we are looking at are modified or full gross.
SD Realtor
February 17, 2008 at 5:23 PM in reply to: Boil and bubble, double the trouble! Commercial RE #154896Participant“Over the long term, I think there are some Class A tenants who would be willing to move to Class B space if the rent differential made it worth their while.”
Funny you mention that Bugs. Right now I am negotiating a new lease for a business my wife owns. She is finishing up a 5 year term in class A space and we are searching in some class B/B+ space which should reduce our rent by close to 50% with very little loss of business. Our landlords in the current class A space refuse to budge on base rent price and it is also a NNN lease. Most of the class B/B+ buildings we are looking at are modified or full gross.
SD Realtor
February 17, 2008 at 5:23 PM in reply to: Boil and bubble, double the trouble! Commercial RE #154973Participant“Over the long term, I think there are some Class A tenants who would be willing to move to Class B space if the rent differential made it worth their while.”
Funny you mention that Bugs. Right now I am negotiating a new lease for a business my wife owns. She is finishing up a 5 year term in class A space and we are searching in some class B/B+ space which should reduce our rent by close to 50% with very little loss of business. Our landlords in the current class A space refuse to budge on base rent price and it is also a NNN lease. Most of the class B/B+ buildings we are looking at are modified or full gross.
SD Realtor
ParticipantDealhunter I have not run into any cases like that but it sounds perfectly logical. I would say that in the case you spoke of, where essentially you are getting close to running on fumes but you are not there yet, I would presume that in addition to the hardship letter you will eventually need the documentation, (assets/liabilities/tax returns/w2s) prepared so that when they are ready to talk turkey you can show the them the beef so to speak.
Sounds quite logical to me, it just has not been my experience yet.
SD Realtor
ParticipantDealhunter I have not run into any cases like that but it sounds perfectly logical. I would say that in the case you spoke of, where essentially you are getting close to running on fumes but you are not there yet, I would presume that in addition to the hardship letter you will eventually need the documentation, (assets/liabilities/tax returns/w2s) prepared so that when they are ready to talk turkey you can show the them the beef so to speak.
Sounds quite logical to me, it just has not been my experience yet.
SD Realtor
ParticipantDealhunter I have not run into any cases like that but it sounds perfectly logical. I would say that in the case you spoke of, where essentially you are getting close to running on fumes but you are not there yet, I would presume that in addition to the hardship letter you will eventually need the documentation, (assets/liabilities/tax returns/w2s) prepared so that when they are ready to talk turkey you can show the them the beef so to speak.
Sounds quite logical to me, it just has not been my experience yet.
SD Realtor
ParticipantDealhunter I have not run into any cases like that but it sounds perfectly logical. I would say that in the case you spoke of, where essentially you are getting close to running on fumes but you are not there yet, I would presume that in addition to the hardship letter you will eventually need the documentation, (assets/liabilities/tax returns/w2s) prepared so that when they are ready to talk turkey you can show the them the beef so to speak.
Sounds quite logical to me, it just has not been my experience yet.
SD Realtor
ParticipantDealhunter I have not run into any cases like that but it sounds perfectly logical. I would say that in the case you spoke of, where essentially you are getting close to running on fumes but you are not there yet, I would presume that in addition to the hardship letter you will eventually need the documentation, (assets/liabilities/tax returns/w2s) prepared so that when they are ready to talk turkey you can show the them the beef so to speak.
Sounds quite logical to me, it just has not been my experience yet.
SD Realtor
Participantpw agreed… In my experience, a hardship is needed to get a short sale approved.
HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.
Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.
SD Realtor
Participantpw agreed… In my experience, a hardship is needed to get a short sale approved.
HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.
Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.
SD Realtor
Participantpw agreed… In my experience, a hardship is needed to get a short sale approved.
HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.
Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.
SD Realtor
Participantpw agreed… In my experience, a hardship is needed to get a short sale approved.
HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.
Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.
SD Realtor
Participantpw agreed… In my experience, a hardship is needed to get a short sale approved.
HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.
Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.
SD Realtor
ParticipantPlease see the advice that I gave the previous distressed seller in that other post. First thing I would recommend is to call your lender. It is not hard to do and dealing with the issue is the best thing to do. What sdrealtor said makes alot of sense. One current short sale I have, the second mortgage has been totally wiped out for the cost of $1000 and the first has formally accepted a 60k loss. Both lenders have agreed not to pursue the deficiency. Additionally the sellers had been in default for quite awhile. It has been a royal pain in the rear they are quite relieved. The short sale package was not trivial to fill out. Lenders all vary with the acceptance of a short sale. I would absolutely take everything you read here with a grain of salt. If you want to not talk to your lender that is your prerogative but I would advise you to talk to an attorney if you are going to play cat and mouse with them.
Whether your lender will let you wipe out the second totally or buy it for pennies on the dollar is not known to me but it sure couldn’t help to try.
SD Realtor
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