Properties To SS
Is there a certain point that you SS a property? Why wouldn't you take Sub to? Is it all about how far they are behind on payments and whether it makes sense to make them up or to try and SS it? Thanks for the help.
You do whatever makes sense...if that makes sense.
If Lis Pendens has already been filed, I start thinking about doing a short sale. But you will just have to crunk the numbers to see what makes sense.
I thought the Lis Pendans were a good place to find properties to subject 2? Which comes first a Notice of Default or Lis Pendans? Or are they the same thing? Little confused
Different strokes for different folks. If you want to find them there, if it works for you, go for it.
Bottom line, just make sure the numbers make sense no matter what you do.
Never hurts to try a SS. The bank tells you the dollar amount that they will accept. If it is a reduction in the amount due, you have the funds to purchase, and it makes sense with your exit strategy, it is better than your other means of acquiring control of the property, then go ahead with the SS. If the SS does not work for you but a Subject 2 does, then Subject 2.
You should always try a short sell. You have nothing to lose and it might sweeten the pot.
If you want hard and fast rule of thumbs - SS are good for when there is no equity, Subject2 are good for when there is equity.
Brenda