How to find REI with short sale experience?
I had posted before, but maybe I didn't ask the right question. We are currently in foreclosure. I need to find someone to try a short sale on the property, finance it at the current low interest rates and sell it back to us on contract. I would be willing to offer a percentage of the short sale savings to the REI.
Duh! I still didn't ask the question. Where can I find such a person. Would a local real estate office be able to send me in the right direction?
ccsslb,
Glad to meet you.
I would have to say in this TCI community that everyone here is willing to help someone when the ask.
Here is what you are asking someone to do.
Do a short sale and sell the property back to you. First of all if a person is not able to make the mortgage payments why would an investor buy a property and sell the property back to someone who doesn't pay their bills?
You say you are willing to give the investor a fee for helping you, this is entirely backwards. You are the one who needs the help not the investor, so the terms of the deal are dictated by the investor not the one in trouble.
I don't know what happened to put you in the position you are in, but there is no simple answer for you. We call this self denial in this business, none of us had anything to do with what is going on in your life.
I figure you should put this behind you and move forward with your life. Take what happened as a lesson learned, many great people overcame much more than you are going through and came back to become very successful, I am sure you can too.
Welcome on board this board, please take my opinon in the light it was given, and I wish you the best in your future endeavors.
John $Cash$ Locke
John,
Thanks so much for your honesty. And what you say makes sense based on the limited information I gave.
My original post went into greater detail about the situation. To recap; we have lived in this house for almost 20 years during which time we have always made the payments. A few years back we got involved in a simple refinance that should have been completed within a few weeks, but went almost 4 months and resulted in our being saddled (scammed?) into an 11% interest rate. Last year my husband experienced a 6 month unemployment and that's when we got behind in the payments. He has since started a new, great job that is working out well. Mortgage payments at 5.25% would be a breeze, but our credit rating took a beating last year and we can't qualify for the lower rates. We are very emotionally attached to our home, it's not just a house to us and, although, I realize our misfortune may mean that we have to leave it, I don't want to give up before I have explored all of our options.
As far as offering a percentage of the short sale to the REI, I was wondering if that would be an appropriate form of reimbursement for their time.
You're right, I may have emotional blinders on, but as an investor, I would be very interested in doing a short sale with a guaranteed buyer waiting before I even start. Also, there is the guarantee that if anything did go wrong in the future, I would still have ownership rights with built-in equity from the short sale.
I have learned so much from this website and other sources. I really do value all of your opinions!
ccsslb,
Sorry to hear about your current situation. Where are you located? I do have to agree with John though. To you it looks like a great deal but to an investor it looks like trouble! If a homeowner has enough wiggle room to set the terms of a deal, they probably aren't far enough into the process. Have you tried to work it out with your bank? If you have proof that you now have the income to support your payment ++plus some, it might work. Good Luck!
Ty
You've been paying down your mortgage for 20 years. Never missed a payment until your husband was unemployed, but now has secure employment again. It doesnt sound like a bad risk to me. You're 6 months behind? So you need someone with cash to pull you current or who can negotiate well with the bank.
I know a lot of people might be able to help you out. Look for investors in your area, you can call some "we buy houses ads" You may have to give up a bit of your equity to do it. And they may want to lease option or sell it back on contract. Right now you should (if I havent missed anything) have a bunch of equity to negotiate with. Be absolutely sure not to default on the new contract, you'll lose everything. I would see if you can get this done by yourself first. There are some home rescue programs that I have heard of.
I may personally be able to find an investor for you that will work with you, If youre just not finding a way out. I have a growing network nationwide. Email me at t.dingillo@sbcglobal.net if you want to talk.
Best of Luck!!!
Trish
ccsslb,
Rough situation you're in, but as Cash says, most people in foreclosure are also in a state of denial, and believe they can resolve the problem on their own before the auction gavel falls.
Like the little old lady who lost her husband last year, and called me on Monday evening and asked if I could help her save her house from the Sherriff's auction this past Thursday morning. Let's just say that I've learned from experience that you need more than 72 hours to save a house from the Sherriff's Sale.
Hell, it sometimes takes a week or more for the lender-bank to process the authorization before they will correspond with the prospective buyer.
I'm in the Chicago west suburbs area, and would be willing to consider assisting you, if you'd be willing to accept that it would be me, not you, directing the process and the terms. If that sounds acceptable, let me know ... if not ... good luck, let me know how things went the day after the scheduled auction.
OMISteve