Listed for over 85 days with no offers. Deed in lieu of foreclosure? Any advice?
I am the seller. I have a second home in Calif which has been listed with an experienced short sale Realtor for over 85 days and no offers. The last sale for a like condo was $292K, mine is listed at $272K. It has one refi, NO cash out loan on it with Chase for $318K. Freddie Mac is the owner of the loan.
I do not have a primary residence or other properties. I am not interested in purchasing another home, so I'm not concerned about not being able to purchase for 7-10 years. My credit has always been excellent, but income has dropped by 50%, so I can't keep up with payments, taxes, hoa, etc. The condo would only rent for half of what the monthly is, so that is not an option. What if no one makes an offer on this condo? I don't think that I will qualify for a short sale, as I have no tax returns to offer. I have w-2's but will not submit joint tax returns as I was not married when property was purchased, and he is not on loan, title etc. There are no joint assets. Is it best in just to let them foreclose?
I do not have a primary residence or other properties. I am not interested in purchasing another home, so I'm not concerned about not being able to purchase for 7-10 years. My credit has always been excellent, but income has dropped by 50%, so I can't keep up with payments, taxes, hoa, etc. The condo would only rent for half of what the monthly is, so that is not an option. What if no one makes an offer on this condo? I don't think that I will qualify for a short sale, as I have no tax returns to offer. I have w-2's but will not submit joint tax returns as I was not married when property was purchased, and he is not on loan, title etc. There are no joint assets. Is it best in just to let them foreclose?
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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There is alot of great advice here for you, FREE too! You need an agent that understands the short sale process and an agent that is aggressive. Don't let them foreclose. As far as price, my general rule is 10 showings and no offers, OVERPRICED...... No showings, OVERPRICED, drop the price. I will not let a property go more than 3 weeks without something happening, no offers, lower the price because you are overpriced
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Permalink Reply by Tina Smith on
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I appreciate everyone's comments and suggestions. I have lowered the price and will continue to do so until I get an offer. I will keep this Q and A Posted as to the progress that is made or stumbling blocks. Once again, thank you for your suggestions, much appreciated.
Jeff Payne said:There is alot of great advice here for you, FREE too! You need an agent that understands the short sale process and an agent that is aggressive. Don't let them foreclose. As far as price, my general rule is 10 showings and no offers, OVERPRICED...... No showings, OVERPRICED, drop the price. I will not let a property go more than 3 weeks without something happening, no offers, lower the price because you are overpriced
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