Home Selling in Surprise>Question Details

Susan, Home Seller in Surprise, AZ

Does vacant land qualify for short sale? Had hoped to build, but can't sell primary residence or land for

Asked by Susan, Surprise, AZ Sat Jul 26, 2008

what is owed. Primary residence with ARM and decreased $ due to job loss causing hardship.

Help the community by answering this question:

Answers

6
I have seen short sale listings for vacant land in my neck of the woods.


Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
New Mexico Real Estate: http://www.syan.com
Web Reference: http://www.syan.com
0 votes Thank Flag Link Sat Dec 14, 2013
You should be ashamed of yourself. What RIGHT is it to have a short sale on LAND??? There is NO answer. You go bankrupt or pay. The short sales are a joke as it is, but to use one for a land deal? You buy land as speculation no other. It is like a penny stock . When they stop this short sale $%^& stuff and people start to GROW up and take responsibilities for there actions the market will form a reality .
0 votes Thank Flag Link Wed Dec 11, 2013
Susan-
There are several free hotlines you can call to discuss your situation. These resources should be listed at the Arizona Department of Real Estate website. If you do not find them e-mail me and I will get the information for you. I am not at my office so I do not have it in front of me.

I have successfully negotiated short sales and there are some ins and outs of dealing with them. But every property owner's situation is different so you may or may not qualify for a short sale with your property. But it is probably worth doing to avoid a foreclosure if you have loss of income. I know the Surprise area really well and can anser any questions you may have. If you want me to meet with you to discuss your options more let me know.
Web Reference: http://www.KromesRealty.com
0 votes Thank Flag Link Sun Jul 27, 2008
Susan
I suggest that you:
Talk with a Realtor about your propeties and their market value and equity.
Talk with your lender about a loan modification, explaining how you came to be no longer able to pay your mortgage.
Know that if you have any other assets, they will take those into account. Hardship is a high bar to reach, you usually need to be insolvent (broke and unable to pay your bills).
0 votes Thank Flag Link Sun Jul 27, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
To qualify for the Morgage Debt Relief Act (where you don't pay tax on the amount that is forgiven) the porperty must be your primary residence. More info on short sales below...
0 votes Thank Flag Link Sat Jul 26, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Whether vacant land or any other property qualify for a short sale will be decided by the lender. You will need to call the lender, provide them with the information so they can review and decide if you qualify for short sale. They generally require you to provide hardship letter, income statement, pay studs, 1040, recurring expenses, debts, ..etc.

If they say yes, then it's a yes.

Sylvia
0 votes Thank Flag Link Sat Jul 26, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer