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mariobocker,  in Burbank, CA

Deed in Lieu process for obtaining listing

Asked by mariobocker, Burbank, CA Thu Jan 31, 2013

I have a buyer interested in a foreclosure home. She knows the owner is doing a Deed in Lieu. Is it possible to get the listing and sell to the buyer. What is the process after the owner does the deed in Lieu

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7
To late now for your buyer. Just have to wait for it to go out as an REO, then help your buyer to buy it.
0 votes Thank Flag Link Sun Feb 3, 2013
Not much you can do unless the owner is willing to negotiate a short sale instead. A bank will take possession of the property through a DIL and then have their asset company dispose of it. You'll have to wait until the property hits the market as an REO.
0 votes Thank Flag Link Sat Feb 2, 2013
In my experience (from my days as a Broker and working with Lenders with REO's) I have noticed that not a lot of lenders want to take a property back on a deed in lieu due to litigations that have occured before. If the homeowner already signed the Deed in Lieu and sent it back you may be out of luck. Find out in what stage is at. I agree with everyone else, get a short sale listing and then sell to the buyer. Good luck.

I work for a direct lender headquartered in Irvine, California. Feel free to look me up at the following websites.
http://www.impacmortgage.com/edeleon
http://www.facebook.com/LoansByEddie
http://www.linkedin.com/in/eddiedeleon

Thank you for looking. I look forward to hearing from you.

Respectfully,
Eddie W. de Leon
951-210-2101
NMLS #238369
0 votes Thank Flag Link Fri Feb 1, 2013
After the deed in lieu, the bank owns the property. The bank will sell it through its normal channels. Like others have said, you will need to take a short sale listing with the seller.
Good luck,
0 votes Thank Flag Link Thu Jan 31, 2013
Get the owner to do a short sale by listing with you !
0 votes Thank Flag Link Thu Jan 31, 2013
The Bank would much rather have a Deed in Lieu (Quick and simple with no commisions), so there is no reason for them to agree to a Short Sale which is seldom completed in less than 3 months.
Bill
0 votes Thank Flag Link Thu Jan 31, 2013
Not really true. DiL = more lost money for the lender/bank than a possible short sale. They will eat up lost income while the house is vacant, and will never re-coup their investment when the house is eventually put on the market. Short sale at least gets rid of the property, plus more money than has otherwise come accross the table.

Many lenders also will pay so-called relocation fees to homeowners if they proceed with a short sale, rather than a DiL.
Flag Fri Aug 9, 2013
If you can catch it as a short sale instead of them doing the deed in lieu yes, otherwise the bank will put it into the system and you will have to wait for it to come onto the market and take your chances of having the lucky buyer that gets the property.
0 votes Thank Flag Link Thu Jan 31, 2013
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