What to do with property? (Pittsburgh, Kittanning: short sale, foreclosure, rental)

[lcatchpo]

Here's the deal. We lived in Pittsburgh until recently when my husband lost his job. This was the third time in ten years so we'd had it and moved to CA. We were in the process of trying to arrange a short sale on a house in Kittanning. We owe 14K for the house, it was rented and basically left a dump when they moved out. Anyway the bank is now saying they need an official offer in order to start a short sale. I wish they would have told us that before we moved. I had a job offer waiting. I know it doesn't sound like much but the mortgage of 250 is too much for us to pay on top of the other bills we have. Even if I could afford it, it needs more money put in to it to make it livable than we would ever see out of it. Is foreclosure the only thing I can do? We have decent credit and paid faithfully on that mortgage since 1990. I wish I could just rent it out but like I said, it's a mess. This negative equity is a killer. Hope someone has some suggestions.

[Bambic]

We are in the same boat but in Florida, we are trying to sell the home as a short sale and one fell through. The home has been on the market for 1 1/2 and only 3 sets of people came to look at it now we are down $150,000 from the asking price and $40,000 under what we owe. My husband also lost his job and we had to move where we were offered a job which was Utah, so we can not still afford to pay for the mortgage and this rental home too. I had to fill out a hardship letter for the bank and then a financial statement too. I have a lawyer handling the rest he will present the short sale offers if it does not go short sale we have no other choice than foreclosure. We had perfect credit, but there comes a time when you have to drawn the line on what you can and can not afford. I wish you all the best, just know you are not alone. I tried to put our home on this site to see if someone wanted to swap homes from here to Florida but coolcats took it off. So I will need to go somewhere else. Bambi C

[PeterRabbit]

There are outfits here that offer to buy any property regardless of its condition. They tend to offer what the county assessment is or less. They fix them up and sell at a major profit. The main thing is they can get you out from under your circumstances. They advertise on TV on occasion, posters on telephone poles, etc. Sorry I don't know the names of any nor what they would be listed under in the yellow pages. Perhaps call your county tax office and ask?

[gallacus]

Originally Posted by PeterRabbit

There are outfits here that offer to buy any property regardless of its condition. They tend to offer what the county assessment is or less. They fix them up and sell at a major profit. The main thing is they can get you out from under your circumstances. They advertise on TV on occasion, posters on telephone poles, etc. Sorry I don't know the names of any nor what they would be listed under in the yellow pages. Perhaps call your county tax office and ask?

I do not know anything about this company, but the most advertised of those companies mentioned above is We Buy Ugly Houses. The billboards are scattered all over town.

[lcatchpo]

I haven't had any luck getting one of these companies to return my calls or emails. Are they only interested in city property? This house is going to take a minimum of 25K to make it livable. Needs a roof, new deck and the whole house carpeted. I guess they must look at that and figure 14 + 25=39K, not worth it since the high side of sales in that community wouldn't make 50K. Thanks though for the suggestion.
Bambi, best of luck to you as well.

[PeterRabbit]

They buy houses in the suburbs. But they are looking to make a great return on their investment. 15% - 25% is probably not enough.

[Joe B]

PeterRabbit is right. Those companies want maximum profit on a super quick turnaround. If I were you, I'd try to catch the attention of veteran landlords or startup investors (i.e., newbie landlords). They're more patient, and they don't mind reaping rewards over a more reasonable length of time. Plus, their cost to get the place in shape is gonna be far less than if you were to attempt it.

[aids-lung-wake-da]

hello forum member:

I suggest that you find a private mortgage from a builder who can mortgage your rebuild of the property for the next step of rental unit and then your revenue becomes a way to continue to own and pay him back for the rennovation. you might look into rennovation builders and property management companies. a private mortgage of rennovation is like a better deal than a bank as he would have a builders lein and then he can also share in a rental income deal by default.

p galii
115 10 th street
butler pa 16029
Macro and Micro Marketing & Financial Development - Executive Summary (broken link)

[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.

[Bazzwell]

If anyone is headed the "short sale" route, bank approval is required and there's a ton of paperwork to be done ahead of time before they'll even consider such a move. Be careful how you proceed. I'll respond with more if I see some replies.