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Replies (7)
- skyreacher
- Contributions:5
Does anyone have anythoughts on this? Are there gong to be any benefits to a buyer fromthis plan?
Do you have a link on that plan? Sounds they are just reviving "deed in lieu of foreclosure".
- FriendshipProperties
- Contributions:783
That sounds like the 'Deed in Lieu of Foreclosure'. That doesn't help anyone since the lender then has a tenant which can take up to 6 months to evict, or if the home owner leaves, the lender has a vacant property which is at high risk for vandalism and asset management / maintenance costs. The bank would much rather have the property sold before they take title. The bank wont get any more money selling the property themselves, it will cost them more.
Once the bank takes title, your offer would likely be thrown in the trash, the property assigned to an asset manager, and listed with a Realtor at a new price.
Once the bank takes title, your offer would likely be thrown in the trash, the property assigned to an asset manager, and listed with a Realtor at a new price.
- skyreacher
- Contributions:5
This is something that I clearly heard,( actually it was on CNBC,and not MSNBC), and I do not have a link to any other information, as I have not been able to find any other information. Thid house has already been on the market for a few months, and has already has a drop in price, and at this point in time , my offer stands as the only one. It wouldn`t seem likely that if it is assigned to another realtor that they would want to raise the price, and throw my offer in the trash, but then again I do not think that banks are known for doing things that make sense these days.
a bank can accept the home right now, so you clearly misunderstood something; There is nothing in contract law that prohibits one party from accepting less than they are owed from another party, if they both agree to it.
Most banks are becoming more cooperative with both short sale, and deed in lieu of foreclosure as these save the bank money and time.
Most banks are becoming more cooperative with both short sale, and deed in lieu of foreclosure as these save the bank money and time.
- skyreacher
- Contributions:5
I found an article that refers to this at http:ezinearticles.com/?signing-Over-the-Deed-to-Stop-Foreclosure-Quickly&id=695596 . Iam not sure if people will have to type thisinto the address window or not, as this site does not seem to allow adirect link.On the news it seemed like thiswas being presented as a new idea.
- skyreacher
- Contributions:5
Ignore the last email. I had trouble getting tothe website with that link. You can find the article from the ezine articles website.
How will the governments plan for short sales benefit me?
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