What to do with property?

[fton400]

Originally Posted by CPI-HomeVestors

Hey, don't be so negative on HomeVestors. I am a franchisee in Phila. and we buy all over and have never strong armed anyone into selling their property. We truly help people in "ugly" situations. For the member with their property in Pittsburg, please contact the Pittsburg offices of HomeVestors directly, they will surely make you an offer. Whether you accept is another matter.

Pittsburgh is spelled with an "H".

[Windwalker]

Ok, I'll bite. I'm not even clear on what a short sale is, let alone how to do it. Please enlighten us.

[Bazzwell]

A "short" sale basically means the bank takes less than what you owe on the house you're trying to sell. They don't do this out of the kindness of their hearts though and it isn't automatic. There is a long process with tons of paperwork that must be dealt with.

The first thing they usually require is that you provide them with everything they ask for. This includes tax returns, income verification, assets, utility and tax bills, monthly expense charts and a detailed letter of how you got in the mess to begin with. They're trying to see if you actually are in financial dire straits or just want to dump and run. They'll also do an appraisal of the property, sometimes at your expense, sometimes at their expense.

If they feel you have the ability to work out a payment plan then you're stuck. If the property appraises well (above what you owe) then you're stuck. That leaves you accepting the payment plan, finding a buyer that will pay enough to get you out clean or waiting for the foreclosure process to begin.

If they accept that you are unable to continue making payments or the property comes back an appraisal dud (below what you owe), they'll consider a short sale. Now you have to come up with a buyer with a legitimate offer in the price range the bank has given you or sit back and wait for the foreclosure process to begin. They may or may not accept the offer.

Be prepared for endless paperwork, lots of attorney visits and more time on hold "...for the next available rep...." than you've ever experienced in your life.

For those companies that buy "ugly" houses, that's all well and good but they'll still have to come up with an offer acceptable to the bank, not to you. You really have no say in the final decision.

[Windwalker]

Gee--as if selling a house isn't complicated enough!

So this is for those who're in trouble paying their mortgages? Is that right?

[Bazzwell]

Originally Posted by Windwalker

So this is for those who're in trouble paying their mortgages? Is that right?

Yes, sincere trouble the bank can verify. As usual there may be tax implications and credit reporting.

[regreenrecruiter]

I keep seeing you say its a mess, what is actually wrong with it? More or less just curious. If it's repairable, maybe an ad on craigslist claiming as such and I don't know include the utilities in the rent, but have them do the repair work by a contractor you recommend ....

[GirlFromJersey]

Do you mind messaging me the address? I know somebody who's been looking for houses through sheriff sales or short sales and I think he might be interested.