Comment

Comment by Jeanette Becker on July 10, 2010 at 1:12pm

Thanks Bryant and Katerina. I think this seller is a hoarder and can't let go of things. I will investigate your suggestion of finding a non profit to help remove things. If not, you may be right in not taking the listing. She has a mother about an hour away, maybe she would be willing to help with the expenses of selling. She is buying a grandson (child of the seller) another house because he had not been working long enough to establish credit.

Comment by Katerina Gasset on July 10, 2010 at 10:28am

We are fortunate. That rarely happens in our market. We have so many people who really take care of their properties. Just because someone has no money does not mean they don't still have two hands to pick up trash and clean up their house. We require our sellers to pay HOA fees, pay to keep their lawns mowed, utilities on and home clean. This is a big one in our town too. That is why banks don't like to foreclose here. Wellington will NOT approve a bank sale without all code violations paid and fines paid. Wellington will come and mow the bank's property and then charge the banks. If the banks don't pay, they don't get to sell.

Comment by Bryant Tutas on July 10, 2010 at 10:00am

Jeanette. There are services that will come in and sale everything and then clean up on the way out. Usually Churches or other non-profits. Do a Google search and I'm sure you'll find someone.

Of course you will have to make a business decision whether or not to take a listing where the seller has zero funds to help. Remember at some point yo may also have to have utilities connected for inspections and appraisal. Will she be able to take care of this? Do you have accounts with the utility companies so you can have service connected for these things?

If the answer to these questions is no then you have to be sure that the buyer knows they will be responsible for this.

Short sales are not easy. The problem you have mentioned are quite common in my market. We can either help these folks (which means we may have to come out of pocket) or we can just not take the listing. Strictly a business decision. We can't help everybody.

Comment by Jeanette Becker on July 10, 2010 at 3:54am

I just picked up another short sale. When I went to the home, it had stuff wall to wall with a path to get around. The homeowner is going back to calif and does not intend to return. Her friend is going to auction off what he can sometime in August. There is a lot of trash everywhere. Some rooms are piled to the ceiling without any organization whatsoever. I don't know how to help her or how to market this property. Any ideas? She has no money.

Comment by Ben Racela on July 9, 2010 at 3:24pm

Wanda - what we do in that situation is to leverage the promissory note against the $3,500 cash on the table. In other words let the lender know that it is one or the other and be firm about it. Since they do not have the cash tell the lender that you believe the seller's will agree to the note if you waive the $3,500.

I hope that helps.

Comment by Victoria Frieberg on June 30, 2010 at 3:08pm

Mark, how did this play out? I am buy side on similar situation, 2nd discharged in bkrpty chptr 7..but 2nd will not release lien without blood money..just curious

Comment by Bryant Tutas on June 30, 2010 at 11:38am

Wanda. You just have to keep negotiating. If the seller doesn't have any money then they don't have it. But..the insurance company may just figure the seller can borrow it from someone. Offer them a deal that the seller can do and then keep offering it until they give..

Comment by Wanda martinez on June 30, 2010 at 9:50am

Hello guys,
Another puzzle??? if you have an approval from the bank (Nations Star) and the investor but MGIC ( the insurance) is wanting $45K in a promissory note plus $10K to the table initially on a $188K home that has been in the market 520 days. Then b/c all the documents reflecting possible bankruptcy MGIC has come down to $3,500 to table and $25k in a note. Is there any possible thing to do in order to revise this money to table b/c that is our big problem (seller not having cash) to the table at all???

Comment by Stephen Shafer on June 30, 2010 at 3:38am

Try Chris Portman 877-567-3434x36140

Comment by Edward Codelia on June 29, 2010 at 12:32pm

Looking for some help. I am doing a short sale with Greentree and Fannie is the "investor". Does anyone have a contact that I can reach out to about the short sale?

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