Short sales may be difficult if you have assets for the banks to recover losses and even if the banks do you allow the short sale, you may be subject to 1099 C filings and have the short fall reported as income and be taxed on that amount.
Selling the properties may take time but may allow you to move on with life.
The deed in lieu may be difficult to do without trying to sell the property first. Banks are not in a hurry to take on more properties without trying to liquidate when the borrower has ownership.
An investment is a investment, no matter if it is a stock or a property. The loss or gain is not there until the asset is sold.
If I was you I would analyze each property and liquidate them one at a time. Making the selection by property value or tenant/vacancy or your feeling about the property. If you sell them as a package I think a investor would hit you hard at this time in this market. In addition selling them on contact would be limited by the mortgage loans on the properties and the williness of the banks to allow a contract for deed.
First Weber Group
Certified Dissressed Property Expert
Also, keep in mind that deed-in-lieu with the 1st lien holder isn't an option for each property in that portfolio that has more than 1 mortgage or has a HELOC on it. The 2nd lien holder and/or the respective mortgage insurance companies could foreclose their interests too.
Hope that helps.
And there's no need to do a deed in lieu, especially if the assets are worth more than what you owe. Similarly, there's no need at all to do a short sale. Just e-mail me and I'll see what I can do.
Hope that helps.
It really is a matter of the difference in debt to purchase price. If the difference is not to much then yes a deal could be worked out otherwise if you did not want to pursue a short sale then a deed in lieu is an option. I caution you though because a deed in lieu will affect your credit just like a short sale or any other such deal. Now if you could sell and pay the difference then you would not be affected. You might want to contact some agents in your area (maybe commercial agents) to find investors that are looking for rental properties. These days with the market the way it is a lot of investors would rather be in real estate then stocks. If you need some help finding an agent I can get you a referral through my national network. Just remember you need to interview several in order to find the agent that is the best fit for you.
Hope this helps,