I'm sorry to hear about your sister's health. I have not heard of your suggested option above. I do know that this situation would be a prime candidate for a short sale because of your sister's hardship (ie- health). She can have the benefit of being forgiven the balance by the bank. She would also be waived from closing costs, attorney fees etc. because if the short sale successfully goes to the closing table the bank would pay for all of that. She could possibly qualify for $3000 for relocation assistance too depending on what kind of loan it is (Fannie Mae/Freddie Mac). My suggestion would be to explore the short sale process versus the repercussions of deed in lieu. If you have further questions I'm in Chicago please feel free to contact me.... more
Short sale is not the way to get rid of the property. It is a foreclosure alternative. Before they approve a short sale they will make sure you have a hardship. If you can afford your mortgage payments you donâ€™t look like a person who has a hardship in his life. A short sale wouldnâ€™t damage your credits more than having a foreclosure on your records. Short sale is a very difficult transaction. 1-st to get approval from your lender (the more leans the harder to get approvals) 2-nd to find the buyer who would wait for few months and will pay the fair market value for the house.
Thank you for your post.
I have a couple of thoughts that might help you:
First, the good news is that homes are selling (see link). Homes that sell in the first 30 days in most markets sell closest to asking price. In my MLS that's 100% of asking, at 120 days they are selling fo r93.6% of asking.
Second, when a home is listed for sale we expect 10-12 showings or one offer in the first tow weeks on the market. Otherwise we lower the price.
So in most markets about 20% of the homes sell within 30 days, the rest sit there and accumulate market time while losing value.
In most markets that means homes that are properly prepared for market, priced correctly, and aggressively marketed should sell in two to six weeks. That mean in almost ANY market.
I recommend that you interview three Realtors and compare their information. I would be honored to provide you with a referral of a Top Realtor in your area.
If you have more questions please let me know.... more
Right now (so far this year) there are 16 that have closed matching that criteria. Of those 16 - the average List Price was $160,705 and the average sales price was $159,917, (98% list price to sales price ratio) The average market time was 93 Days.
Please let me know if I can be of any help. www.TimIreland.com - email@example.com... more