Deed in Lieu: How many have you worked? - Short Sale Superstars2024-03-29T14:31:06Zhttps://shortsalesuperstars.com/forum/topics/deed-in-lieu-how-many-have-you-worked?commentId=3468065%3AComment%3A215991&x=1&feed=yes&xn_auth=noIt is very expensive for the…tag:shortsalesuperstars.com,2012-02-27:3468065:Comment:2159912012-02-27T15:39:58.718ZJames Minerhttps://shortsalesuperstars.com/profile/JamesMiner4
<p>It is very expensive for the banks to do a deed-in-lieu, and can take a long time to complete if it even gets considered.</p>
<p>Good luck</p>
<p>It is very expensive for the banks to do a deed-in-lieu, and can take a long time to complete if it even gets considered.</p>
<p>Good luck</p> @Kathleen That's the way is…tag:shortsalesuperstars.com,2012-02-27:3468065:Comment:2159812012-02-27T01:59:06.738ZMichael Schneiderhttps://shortsalesuperstars.com/profile/MichaelSchneider
<p>@Kathleen That's the way is should work, I think. The Servicer/Investor should prefer to short sell the house, unless they think that the offer is not fair-market-value.</p>
<p>@KerryAnn This is the situation with my DIL-candidate properties. The Investor has an unrealistic view of market value, and everyone gives up. The only way to make this behavior understandable, to me, is that the Investor thinks they are being scammed, so they want to mitigate the fraud-risk and acquire the…</p>
<p>@Kathleen That's the way is should work, I think. The Servicer/Investor should prefer to short sell the house, unless they think that the offer is not fair-market-value.</p>
<p>@KerryAnn This is the situation with my DIL-candidate properties. The Investor has an unrealistic view of market value, and everyone gives up. The only way to make this behavior understandable, to me, is that the Investor thinks they are being scammed, so they want to mitigate the fraud-risk and acquire the property.</p>
<p>@Walt I'm in the same position with a property where the Investor is rejecting $75,000, the property is totally trashed, I am sending them pictures tonight. "Do you really want to reject this $75K offer?"</p> DIL is easy. Bank sends the…tag:shortsalesuperstars.com,2012-02-26:3468065:Comment:2158922012-02-26T23:50:47.364ZKerryAnn Douglashttps://shortsalesuperstars.com/profile/KerryAnnDouglas
<p>DIL is easy. Bank sends the deed and the seller's sign it. Seller has 30 days or so to get out and sometimes the lender will offer cash for keys. The DIL is more economical for the lender than the foreclosure - very little attorney's fees. I've had one. Home has been on the market for 2+ years as an REO and over 4 in total. Bank is stuck on a price that the market will not bear and home being abandoned is now suffering from disrepair. Too bad. Wish they would have worked with the…</p>
<p>DIL is easy. Bank sends the deed and the seller's sign it. Seller has 30 days or so to get out and sometimes the lender will offer cash for keys. The DIL is more economical for the lender than the foreclosure - very little attorney's fees. I've had one. Home has been on the market for 2+ years as an REO and over 4 in total. Bank is stuck on a price that the market will not bear and home being abandoned is now suffering from disrepair. Too bad. Wish they would have worked with the offer that was written 3 years ago.</p> I have 2 clients whose got th…tag:shortsalesuperstars.com,2012-02-26:3468065:Comment:2157772012-02-26T19:55:00.592ZKathleen Sheridanhttps://shortsalesuperstars.com/profile/KathleenSheridan
<p>I have 2 clients whose got the message from their loan servicer's that DIL was an option after 120 on the market and no sale.</p>
<p>However, when short sale deals fell through, the servicers were not so interested in the DIL option. Both of these properties went back on the market and are under contract a 2nd time.</p>
<p>Maybe the seller needed to apply for the DIL, which they didn't do. Since there is no commission paid to an agent, I have not done any work on a DIL option. </p>
<p>I have 2 clients whose got the message from their loan servicer's that DIL was an option after 120 on the market and no sale.</p>
<p>However, when short sale deals fell through, the servicers were not so interested in the DIL option. Both of these properties went back on the market and are under contract a 2nd time.</p>
<p>Maybe the seller needed to apply for the DIL, which they didn't do. Since there is no commission paid to an agent, I have not done any work on a DIL option. </p> I'm not an agent, but I'm wor…tag:shortsalesuperstars.com,2012-02-26:3468065:Comment:2155452012-02-26T16:09:54.346ZWalt Dexterhttps://shortsalesuperstars.com/profile/WaltDexter
I'm not an agent, but I'm working on a DIL for my mother-in-law.<br />
<br />
It's actually been pretty painless so far. Once Fannie Mae decided to go this route, we were contacted quickly by Chase, got the paperwork within days, and are currently working on City of Chicago foolishness with the water bill.<br />
<br />
We landed here because we had some offers in the 20,000 - 30,000 range but Fannie thinks its worth 70,000. It isn't. It's trashed.<br />
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If I was an agent I'd hand a DIL off to an attorney, because that's…
I'm not an agent, but I'm working on a DIL for my mother-in-law.<br />
<br />
It's actually been pretty painless so far. Once Fannie Mae decided to go this route, we were contacted quickly by Chase, got the paperwork within days, and are currently working on City of Chicago foolishness with the water bill.<br />
<br />
We landed here because we had some offers in the 20,000 - 30,000 range but Fannie thinks its worth 70,000. It isn't. It's trashed.<br />
<br />
If I was an agent I'd hand a DIL off to an attorney, because that's the pro who should be handling it. And why work for free? Agreed. I hear from some whe…tag:shortsalesuperstars.com,2012-02-26:3468065:Comment:2155352012-02-26T14:46:03.467ZTara Samneyhttps://shortsalesuperstars.com/profile/TaraSemtner
<p>Agreed. I hear from some when they call servicer about a short sale- they are referred to doing a DIL. We end up closing a short sale anyway.</p>
<p>Agreed. I hear from some when they call servicer about a short sale- they are referred to doing a DIL. We end up closing a short sale anyway.</p> I stay out of it other than t…tag:shortsalesuperstars.com,2012-02-26:3468065:Comment:2156222012-02-26T14:44:21.300ZTara Samneyhttps://shortsalesuperstars.com/profile/TaraSemtner
<p>I stay out of it other than to give them the number to call. After all they are no longer selling. The bank usually needs the homeowner to call to initiate. What I have been told by the 2 that pursued it was no worse than the short sale paperwork and they had already gathered it. By the time they had gotten to the DIL point they were used to it. 1 couldn't do it b/c the 2nd still wanted cash for DIL that the 1st wouldn'tt pay. The other the seller stopped it mid review as a buyer came…</p>
<p>I stay out of it other than to give them the number to call. After all they are no longer selling. The bank usually needs the homeowner to call to initiate. What I have been told by the 2 that pursued it was no worse than the short sale paperwork and they had already gathered it. By the time they had gotten to the DIL point they were used to it. 1 couldn't do it b/c the 2nd still wanted cash for DIL that the 1st wouldn'tt pay. The other the seller stopped it mid review as a buyer came forward and we closed a short sale. 1 property which was in poor condition the bank actually said they didn't want it- they wouldn't do a DIL. Fortunately we sold it!</p> A DIL is a Voluntary Foreclos…tag:shortsalesuperstars.com,2012-02-25:3468065:Comment:2154032012-02-25T08:53:13.888ZKevin - Greenville, SChttps://shortsalesuperstars.com/profile/KevinMWillson
<p>A DIL is a Voluntary Foreclosure.</p>
<p>A DIL is a Voluntary Foreclosure.</p> I have no idea what was invol…tag:shortsalesuperstars.com,2012-02-25:3468065:Comment:2155942012-02-25T04:01:08.060ZKevin - Greenville, SChttps://shortsalesuperstars.com/profile/KevinMWillson
<p>I have no idea what was involved with the DIL and do not know why the CU wanted the property back, but they did. The owner's had the property listed with me, but decided the didn't want to bother with the Short Sale process anymore. I believe we are going the see more Servicer's pushing DIL's</p>
<p>I have no idea what was involved with the DIL and do not know why the CU wanted the property back, but they did. The owner's had the property listed with me, but decided the didn't want to bother with the Short Sale process anymore. I believe we are going the see more Servicer's pushing DIL's</p> @Sam. Yes, totally agree. I…tag:shortsalesuperstars.com,2012-02-21:3468065:Comment:2145012012-02-21T16:15:33.543ZMichael Schneiderhttps://shortsalesuperstars.com/profile/MichaelSchneider
<p>@Sam. Yes, totally agree. I think the Servicer/Bank/Investor just doesn't want the "mark" in the " # of Foreclosures" column.</p>
<p>@Sam. Yes, totally agree. I think the Servicer/Bank/Investor just doesn't want the "mark" in the " # of Foreclosures" column.</p>