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Answers (8)
- Georgina OBryan, "GOBryan1"
- Contributions:483
You need to be sure that if you go that route, it's with someone you trust, otherwise, you're better off just moving out and not making any commitments just to stay in that property. A short sale requires that you wait atleast 2 years before being able to qualify for another federally backed loan after that so you don't necessarily have to be homeless for long.. Just rent until then unless you can purchase another property cash or under another's name, such as spouse or family member.
- Sue Tristan, "Sue Tristan Realtor"
- Contributions:10
If your referring to a short sale, lenders require an arm's length transaction and that the homeowner doesn't benefit from the sale. A homeowner staying in home after the sale is final would be considered a benefit.
Although some realtors do work with sellers looking to short sale specifically to investors, I would be very cautious.
If you decide to sale, my suggestion would be to disclose up front that you intend to rent from investor
Be smart on who you hire, unfortunately there are some realtors who look out for their own pockets and not for the best of seller or buyer.
Good Luck!
Although some realtors do work with sellers looking to short sale specifically to investors, I would be very cautious.
If you decide to sale, my suggestion would be to disclose up front that you intend to rent from investor
Be smart on who you hire, unfortunately there are some realtors who look out for their own pockets and not for the best of seller or buyer.
Good Luck!
- MrSandwich
- Contributions:5
This is a big business. But be cautious who you do business with and what you sign. Whether an investor is interested would depend on how underwater you are and the terms of your loan. In just about every large community, there are groups of real estate investors who meet frequently to discuss various investment scenarios. Do a search for - real estate investor group "your city" - and see what you find. Anybody can join their group for a modest fee or per individual meeting. Go to a meeting or 2 and meet some people. You will learn a lot.
Here is a real estate investors forum you can join and learn more than you might care to know.
- SNOWDEN729
- Contributions:3
Most likely there is no equity on the property since the loan is "upside down" as they refer to it now
- Clay Branch, "Georgia Loans"
- Contributions:7835
Do you have equity in the property?
- SNOWDEN729
- Contributions:3
Yes, I plan on staying for a very long period of time.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hi Snowden,
While difficult, it certainly is not impossible. Finding the right investor coupled with your willingness to sign a long term lease might make it a very tempting offer to the investor!
I live right up the road, off 234, neighbor!
Best wishes and Happy New Year, Jim
While difficult, it certainly is not impossible. Finding the right investor coupled with your willingness to sign a long term lease might make it a very tempting offer to the investor!
I live right up the road, off 234, neighbor!
Best wishes and Happy New Year, Jim
- Jason Curry, "Jason Curry"
- Contributions:35
Are you planning on staying in the home long term or for a short period?
Can you find person who are looking to purchase homes and allowing the homeowner to stay in the home
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