What happens when a Short Sale property does not sell? My property has been listed with a Realtor who is experienced in short sales. We have reduced the price but still have no takers. The house has been listed for a short sale in the past but also did not sell. My loan is with Chase and owned by Freddie. This is an investment property in Kissimmee, FL. What happens when the property does not sell? Should I try to do a Deed in Lieu of? Would Chase even consider me for a deed in lieu? Will Chase start foreclosure proceedings on me. Right now I am 4 months behind. I am just trying to figure out what my next move is going to be... Have any of your clients requested a Deed in Lieu for a second home? Any success? Thanks for the assistance and posts...
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EVERY property WILL sell (for the right price). There has likely never been a property anywhere in the USA that just "DID NOT SELL". Continue to reduce the price systematically with your Realtor. At some point, you will get offers. Pick the best and submit it to the bank.
Thom Colby
Broker / Negotiator
Newport Beach CA
As both Thom & Eric indicated, there will be a buyer eventually - price, staging, etc. You need to look hard at the pending in escrow comps & see how long they were on the market and then bring your price at least 5% less than the pending listed prices. Also, we are starting to see some of the investors who are short selling really promoting the lease option purchase subject to short sale approval. If your property is vacant, this might be an option for a potential buyer and income for you. In a normal market, we would never recommend early occupancy but these are not normal times.
Good luck
Chase has probably already started foreclosure. The bank has a protocol and is going to go forward with their plans no matter what you are doing. It's important to get a buyer and a contract as soon as possible. Talk to your Realtor.
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