BUY MY HOUSE...I AM IN FORECLOSURE TROUBLE......
I have heard of a short sale. My husband and I are in jeapordy of loosing a rental house to foreclosure that is located is a stagnent area. (Population 3,500 - 15 foreclosures last year). We really need out of this house and are interested in a Short Sale.
The home could use some repairs, and has been for sale for nearly 2 years. We have been lucky to rent it off and on, but we really owe too much on it...Almost more that it is worth. Worth $75,000, Owe $60,000.
As an owner, how could we go about doing this? Can we short sale this home on our own? Is there anyone out there that wants my house? It is located in Utah. Currently we are not behind in payments, but it is only a matter of weeks before we are in this situation.
We would like to avoid Foreclosure. Any offers, suggestions, etc would be appreciated! 
Let me ask you this... Would you be willing
to sell your house on a Rent to own
bases.. I would be willing to buy it if
I can Rent to Own it and then be able to
sub lease.. email me back at
cal252@msn.com and put in the subject
Foreclosure . Thanks in advance
Hi SKBlack,
I am sorry to hear of your stressful situation. With the market being what it has---verrry good--I am surprised to hear that your property has been for sale for 2 years. Are you in a remote area? Have the realtors been showing the prop? Have there been ANY offers on it? Have you--yourself---checked the comps to see if it's over priced? I don't want to insult your intelligence here---I just want to know more of the history. I haven't done any short sales---I have heard that you can call the bank to re-organize or re-structure your loan. The pros here will be better able to help you on this advise.
I wouldn't be opposed to purchasing a property in another state--I've done biz in Arizona, California and Nevada---but I wouldn't want a property that I couldn't rent with a cash flow or re-sell.
Have you tried selling it with owner financing--NO QUAL/RENT TO OWN scenario?
I'll check back on your answers--and I'm sure you will hear from others on your situation.
All the best,
Mel
skblack,
Where in Utah? In relation to SLC, how far away is it?
Andrew
Contact your local Realtor, they can also stop the Foreclosure sale. They will place your home on the MLS for the highest AS-is market price. Do not unload and loose out. Rule of thumb... If there is equity for a Private Investor, there is equity for you.[ Edited by REMAX on Date 02/09/2003 ]
New Rule- Even if there is no equity, that may be enough for an investor
you've got to be kidding me! contact your local agent.???
I worked for several years for a major finacial services company handling their corporate properties. I have dealt with many agents all across the country. A great number of them are not willing to be creative. In my experience, agents shy away from foreclosures due to:
1) time constraints - they like to have plent of time. they arent always the fastest moving people.
2) money - they dont want to put in time and money in to marketing and lose it all at the court house steps. In my area, homes are on the market for 120 days on average. My neighbor as a matter of fact listed her house with a "mr bigshot" realtor in our area. He promised a sale in 30 days. Guess what- house has been on the market for 6 months.
Point is, the answer is not always a realtor just as it is not always an investor.
Do what works for you!
Remax, you seem very bitter! I would question the ethics of your own peers before you start questioning the ethics of investores.
Quote:
Point is, the answer is not always a realtor just as it is not always an investor.
Do what works for you!
Remax, you seem very bitter! I would question the ethics of your own peers before you start questioning the ethics of investores.
<IMG SRC="images/forum/smilies/icon_lol.gif"> <IMG SRC="images/forum/smilies/icon_lol.gif">
The funny part is, in the post "To Smart Mouth", she says she was an investor for 20 years. Now she's a realtor. So she's a hypocrite for bashing investors when she claimed to be one for 20 years...
Would you please email me, I just happen to be helping someone else in Utah in the North Utah area with a simular situation that needs to buy a home.
We might be able to help each other if you are interested Email me ASAP at MBStudios@hotmail.com
I will then give you my number or you can give me yours so we can discuss the deal.
Mark B
In what part of Utah is this property? I'm actively looking
for another rental property to purchase and manage.
This home is located in Blanding, Utah. 80 miles south of Moab, Utah. It is in the Four Corners Area.
We would be willing to work a short sale deal but feel very inadequate and don't even know if we can make a deal with a prospective buyer seems how we are the owners.
We would rather get rid of this home all together. We owe $60,000 on it and i'm sure it doesn't appraise for much more than this. This is the reason we thought a quick sale would benefit us, and a buyer. We could get out from underneath the house, and someone else gets a rental/investment property for less than we owe on it if it were quick-sold.
Most properties in this area can rent for up to $500 - $600 a month, for a nice place. We had been charging $400 and the payment is around $620. We have a high interest rate of 12% and it is an adjustable rate mortg. to boot. We even tried to refinance it, but the apprasial doesn't come in high enough to even do that.
So, in anyones opinion, can we quick-sale our own home with out an agent? Also, we are not in default yet, will the bank still accept such an offer if it was presented?
Quote:
On 2003-02-09 01:36, skblack wrote:
I have heard of a short sale. My husband and I are in jeapordy of loosing a rental house to foreclosure that is located is a stagnent area. (Population 3,500 - 15 foreclosures last year). We really need out of this house and are interested in a Short Sale.
The home could use some repairs, and has been for sale for nearly 2 years. We have been lucky to rent it off and on, but we really owe too much on it...Almost more that it is worth. Worth $75,000, Owe $60,000.
... Is there anyone out there that wants my house? It is located in Utah. Currently we are not behind in payments, but it is only a matter of weeks before we are in this situation.
We would like to avoid Foreclosure. Any offers, suggestions, etc would be appreciated! <IMG SRC="images/forum/smilies/icon_cool.gif">
Hi skblack
In regard to your original question which started a flurry of debate over Real Estate Agents vs Investors... and who does the better good ... I would like to help you with direction, insight, and resolve to YOUR problem. I would like to "buy" your property through my company, let you stay there as long as you like, and put money in your hands when you decide to move on while you learn how to juggle real estate deals for yourself from what WE can do together ... email me so we can exchange info about your property and saving you from foreclosure. Use the following address Sirepselak@aol.com, and hopefully we can come to some terms. OMISteve null
Thanks for the additional information. Blanding is a little
more out of the way than I'd prefer to deal with. Hell,
I'm not even in Moab as often as I used to be.
Good luck,
Jeff
I can help you with your problem. Would you please e-meail me with contact info, how far behind you are and when the foreclosure will be filed. I have even helped people after the foreclosure was filed.
russrealestate@msn.com
Quote:
On 2003-02-09 01:58, wonderboy1999 wrote:
skblack,
Where in Utah? In relation to SLC, how far away is it?
Andrew
what is lending ratio to loan avalable from bankor finance co?
Please at your pleasure
CQHD