Home Selling in 20002>Question Details

Palito77, Home Owner in 20002

Condo in a two unit building for sale! Help. plz.

Asked by Palito77, 20002 Mon Apr 9, 2012

Situation:
I currently own a condo in a two unit building. I decided to move out two years ago, and rent it out to catch out with some of my debt. Beginning of the year 2012 I lost my job, and contacted my bank for a loan modification. They reviewed my situation and denied me a loan modification. I decided to list the property for a short sale and submitted all the paperwork. Yesterday, I got a call from the owner downstairs from the two unit condo building, that wants to buy the unit I own at maybe the same price I bought it, just so, I can break even. My questions and concerns are as follow;

I want to minimize the impact the bank will have on me for a deficiency balance when the property is sold. Using a real estate agent will be - 6% commission and - 10,000 on the value of the property for the actual mortgage value I purchased for.

What are my options here? Should I talk to the bank about the owner of the other condo that wants to buy my unit for maybe the same price I got it.

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Answers

10
Please contact me asap! I can help! Lets go over your options, We can make a workable situate here for both you and the bank with our coding you any extra money.

Chad Morton / Paragon Realtors
302-373-5929
0 votes Thank Flag Link Wed Jan 29, 2014
Hi Palito77, I have a cash buyer interested in your home. Could you please contact me ASAP.

Sincerely,

Miekeba Jones
0 votes Thank Flag Link Sun Apr 15, 2012
We have a fantastic negotiator. I closed a short sale with no deficiency in 2 and a half months.
0 votes Thank Flag Link Sun Apr 15, 2012
please give me a call even late
Flag Sun Apr 15, 2012
please email love_tayo06@yahoo.com, i have been looking for a condo unit in DC. if this is where it is, i dont have financing needs, thanks you
0 votes Thank Flag Link Sun Apr 15, 2012
Call me and I will refer you to a great negotiator for your short sale. Call me so I can explain the process to you 703-969-8573.
0 votes Thank Flag Link Tue Apr 10, 2012
Is the owner of the other unit going to need to finance the purchase? If so, it will need to appraise at the sale price based on the current market value. Since, I'm assuming the market value has dropped, it will likely not appraise. Short Sales generally include payment of the Realtor's commisson. I would recommend meeting with a Realtor specializing in short sales to discuss your options.
0 votes Thank Flag Link Mon Apr 9, 2012
Hi Palito I don't normally do this but ideally to understand everything it is a more in-depth thing than what is posted here. Perhaps you can give shoot me an email with your contact information. rossrealtybroker@gmail.com

Thanks
0 votes Thank Flag Link Mon Apr 9, 2012
Hi, You can have a real estate lawyer assist you with your sale and draft the agreements for you to your benefit. You can also call the title company of your banks preference and ask them will they assist with the paperwork if the owner of the other unit submits an offer on your property. However, if you are already listed with an agent, you are going to be obligated for the commission regardless in most cases up to 3-4 months after you remove your home from short sale.
0 votes Thank Flag Link Mon Apr 9, 2012
I would suggest speaking with a real estate attorney that specialized in short sale negotiations with banks. I'd be more than happy to give you the contact info of the one I use.
Best,
Erich Cabe
202-320-6469
0 votes Thank Flag Link Mon Apr 9, 2012
If you are under contract with a buyer you can not enter into a 2nd purchase agreement to buy teh same unit. You would have to end the first and complete a second. The bank will not talk to you and give you any kind of firm decision without an offer in writing and short sale package. using an agent who is well expereinced in short sales and who is using a professional negiotiator on your behalf is in your best interest. the negotiator can negotiate what will become of your short fall.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Apr 9, 2012
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