you have to keep lowering the price , if you proof the lender n activity on previous price he will take the offer you can get them.

Mon May 12 2008, 10:14

If you have no offers, it is probably overpriced.
Do you know the value of comparable listings and are you priced in that range?

Has your agent assisted you already with what documents the bank is going to require to facilitate a short sale? We like to have these documents ready when we take a short sale listing.

I haven't heard anything good about loan modifications. Either the bank is not willing to do them or they do one and a few months later the home owner is in the same or even worse predicament.

If your listing agreement is over with your other agent, feel free to give us a call to discuss this home. We work on a lot of short sales.

Good luck.

Thu May 8 2008, 19:59

My best bet if you really want to keep the house find a friend or relative that can buy it .Bank wont discount the house to you but they will do to anybody else...
this is not legal advice .For legal advice contact a Real Estate Lawyer.
The Bank dont want your house ,they are on the financial business not Real Estate and having to buy this house at a forclousure auction represent them lof of cost .
Do you know that for each $1 dollar in a house that is a non performing asset which mean who ever have it is not paying his mortgage or they have it on his Real Estate Owned(REO) books they have to have between $7 to $10 that the have to put asside(Can not Lend) to Back up that mortage.That's why so many lender are declaring BK or closing their doors becouse thay have to put so much money asside ,even more that what they have becouse so many non performing loans.Basically for $100k non performing loan they have to hold on escrows almost $1 Million.
That will give you and idea how bad the situation is for the Banks.

Sun Apr 6 2008, 13:58

I would say that it is unlikely that the bank will work with you, but I would contact them anyway. Given the current market, they may be willing to rewrite the loan, though the chances are extremely slim.

Mon Mar 31 2008, 10:34

keep the house
not a good time to sell a house
talk to your lender
since this is 2nd home, ie investment
you do not qualify for any of the federal releif programs
flipping is risky
but i guess you already know that

anyways

good luck

Mon Mar 31 2008, 10:30

Depending on where your lender IS, and how many non-performing assets they have on their books, I would call and see if you could negotiate a mortgage modification.

Lenders do not want to maintain, or own property, they are in the business of making loans.

Don't stop with the first person you speak with - move on and ask for the loss mitigation dept. They will send you a form to fill out, send back and they will get back to you.

It would be helpful to have someone experienced with short sales and mortgage mods to be on your side during this confusing time so I would also advise to hire an attorney who specializes in this, or get a great agent that you can have help walk you thru it - either way, it's way too complicated and important for you to take on alone... you need professional assistance.

Hope this helps,

Paula Bean
Orlando, FL

Sun Mar 30 2008, 16:57

Call your bank!! We have seen banks start to work better with home owners in trouble. The feds new guidelines have opened a few new doors.Some banks have reducded the amount owed and changed the repayment terms. They may or may not do this for you, but worth a try.
I hope this helps,
Nancy
www.nancydrealtor.net

Sun Mar 30 2008, 16:08

RARELY.... They are just trying to cover the loses. Not to mention if/when you sell, the delta of what you owe versus what they sell it for short is considered income to you... Yes income. And yes, you owe taxes at the highest possible rate on that income. Veriy with you CPA.

Run an add to take over payments.... It'll get some attention.

Sun Mar 30 2008, 15:48