Information/Advise Please
I have been tring to do a short sale for months, I have talked to loss miligation. The owner is ready to get rid of the house. The bank has the house locked up, after talking to the bank they said they didn't want to let assess to the property to a 3rd party, that the owner would need to have the house listed with a realtor who would then let me in to see it.
Once it hits the market, I could loss it very fast.
I have already ran comps.
The ower says she thinks she owes around $47,000 and some back taxes. She has not lived there since Jan 2003. The loan was in her husband name, who has passed. but probate has gave her the house. but she is not responsiable for the loan, even the bank told me that.
I haven't seen the inside of the house, but believe that there is not much wrong with it. I think it would resell for at least $63,000. I know a realtor that will list it. But i would like to make a bid before it is listed. would it be advisable to bid on it without seeing the inside. and if so can I do that with a realtor or should I do it myself? What do I need to send to the bank?
First of all, the bank isn't in a position to dictate access to the property. If you have the owner's permission, simply remove the bank installed lockset (you'll have to replace it with a working lockset) and inspect the property.
Though most lenders do require that the property be listed for sale with a licensed real estate broker... it is possible to circumvent that requirement.
Any idea when the prop will be scheduled for the forced, public sale?
suann
If the sellers want to work with you, you are in a position of power. But because you are not educated about the SS process you are in a weak position. Get educated! Buy the SS Primer on this site, find articles on the Internet, borrow a course, talk to another investor, do something!
"I have been tring to do a short sale for months" - what have you been doing?
Listing a property is not a big deal. The seller gets to chose the contract that they will accept. You get a realtor that is on your team as the seller is also on your team. They will pick your contract because they know you can get the short sell approved. The realtor does not even have to put it on MLS, it is just a listing. If he puts it on MLS it can go immediate PENDING. Lots of ways to work it.
But listen to the SS Pro. The bank does not own the property. Just two days ago I had a BPO scheduled and found the locks changed. I was able to get opened one of the keyed door knobs, but otherwise I would have gotten into the property one way or another. The bank does not own it yet. Also, like SS says, just because they say they want a listing agreement, does not mean that the SS is dead without it.
Get Educated.
Thank you,
No at this time nothing has been set for a public sale.
What would I do to get around having it listed.
Would a regular purchase contract work, and send in a hud-1.
Could I still have a realtor do the paper work.
Buy taking off the lock key, Can I get into trouble for that?
If I submit a bid and the bank says no, I can then submit another bid. Right?
As you can tell I am a newbie, any direction would be greatfull. Thank you again.
If you have the owners permission... a note in your pocket would be good... here is how to gain access ....
Be sure to bring with you both a slotted, and phillips head screwdriver, and a battery operated drill with a good, sharp, 1/8" drill bit, about 3 1/2" long.
When a mortgagee changes a lockset, they usually leave the old lockset on the floor, inside the door. If you have the old key, you can reuse the old set, or replace it with a new, inexpensive lockset.
Take a battery operated drill, and drill right thru the keyhole in the doorknob.
It's very soft metal, so it won't take more than a minute or so. The idea is to remove the little bits of metal that correspond with the fitted key. Then, take the slotted screwdriver, and insert it in the doorknob as if it were a key. Turn it and voila! You are in.
If you don't have the owner's permission, then you shouldn't do what I just described. Without permission, it's called breaking and entering.
Be sure to replace the lockset that you've just destroyed.
SS, great information. I was just about ready to break a window and this is a much better solution. I even keep a toolbox, drill and ladder in my car.
Does your technique work for door locks and dead bolts??
No, I don't think that this will work for doors with deadbolts. But, the mortgagee doesn't usually spend $$ on expensive locksets. Check all the entrance doors, and you'll probably find one of lesser quality, or a door without a deadbolt.
Thank you,
Who would have thought? Where do you get spare lock boxes at?
Be back later, I am sure I will have more questions.
thanks
" Where do you get spare lock boxes at? "
Not a lock box, but rather a 'lock set' or a door knob which is available in any home center. They range in price from $12 and up.