Foreclosure in Burleson>Question Details

Cbernal, Home Seller in Burleson, TX

A realtor told me in order to be able to do a short sell r/t a forclosure we have to currently be living in it, is that true?

Asked by Cbernal, Burleson, TX Sat Jan 30, 2010

Was just told by the bank they have started the forclosure procedure, still caring for the house but was going to go ahead and move since either way we will not be able to stay.

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7
Sunil Sethi’s answer
You can do a short sale, even if the property is rented or vacant. I did one with the 1st and 2nd both with WF last summer. However, before you go down this path, study the implications of the short sale vs. foreclosure for both a liability prospective on any unpaid balance, and tax implications.

What you want is the debt to be fully satisfied in the end. No collectors coming after you post closing.

Good luck,
Sunil Sethi
http://www.sunilsethi.com
Web Reference: http://www.sunilsethi.com
1 vote Thank Flag Link Mon Feb 8, 2010
Do you own the home on Country Vista Dr? We would like to purchase it. Please contact lismeharry@aol.com.
0 votes Thank Flag Link Sat May 15, 2010
Cbernal,

I just finished a short sale for a client who had moved for the same reason you are describing. I understand how frustrating and difficult a time this is for you and I would recommend that you contact an agent ASAP to get this listed and get an offer on the home before the bank forecloses. A short sale is so much better for you in many ways. Please give me a call if you have any questions, I don't charge you anything and the bank pays my commission. Good luck and God bless.

Derek Taylor
Realtor
Keller Williams Realty
817-637-2249
Web Reference: http://www.seeasoldsign.com
0 votes Thank Flag Link Sat Feb 20, 2010
I spoke with an Attorney about this exact situation for a client about a week ago and he told me that lenders
"prefer" the home to be owner occupied. If it's vacant or being used as a rental property it's not impossible to do a short sale or loan modification, it's just harder to do. "Not impossible" though are the key words which means it can be done. Find a good Attorney and/or Short Sale specialist in your area to get this done.
0 votes Thank Flag Link Thu Feb 4, 2010
Home Seller in Burleson, TX.

Lenders prefer the homeowners to stay in the property to maintain the home. Like Steve mentioned it would be up to your bank.
It would be best to list your home with a Realtor that can do a Short Sale. You would have to give written authorization for the Realtor to speak on your behalf along with a Short Sale Hardship letter.
This letter should describe succinctly yet persuasively why you the homeowner was unable to meet you loan payment. This documentation may include: hospital bills, doctor bills, home repair bills, documentation of unemplayment, documentation of incarceration, death certificate, divorce decree are some good reasons for a short sale.
If you need an agent in Burleson, contact me and I would be glad to help you with the sale of your home.
Thank you for sending in such a great question, Nancy Sillers 817.929.6961
Web Reference: http://www.NancySillers.com
0 votes Thank Flag Link Thu Feb 4, 2010
CBernal,

Firstly, you have to qualify for a short sale with a identifiable hardship.

Call your bank today and ask for the short sale department, loss mitigation department, or foreclosure department and ask them if they would be willing to do a short sale. Ask them if you would qualify.

Then look for a REALTOR that has a SFR designation. They have the most current training on short sales.

If you need a recommendation or referral, let me know.

Steve Tennison
0 votes Thank Flag Link Mon Feb 1, 2010
Cbernal:

No, that is not a accurate statement. Short Sale only means that the amount your lender is going to received (purchase price minus all settlement costs) is less than the loan you owe on the house. You can do a short sale whether it's vacant or not.

However, there is a difference in the treatment of short sale properties depending on whether the house is a primary residence or investment property - that you really should to check with your tax account who is familiar with short sales to fully understand the implication a short sale has on your house (primary residence or investment property).

Best,
Sylvia Barry
Frank Howard Allen Realtors
Marin, Sonoma, San Francisco Bay
http://www.SylviaBarryRE.com
0 votes Thank Flag Link Sat Jan 30, 2010
Sylvia Barry,…, Real Estate Pro in Marin County, CA
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