Short saling investment properties at one time - Landlord Forum thread 326098

Short saling investment properties at one time by Sally (Il) on October 21, 2014 @19:02

I'd like to hear others' experiences/thoughts.
I have three investments- 2 are several hours away. I put them on the market to sell this summer. Still for sale/not rented.
I have another closer to home. I have a lease through summer 2015. One tenant now plans to break her lease.
I put one of my houses that's a few hours away (and paid off/part inherited) back on the rental market- no bites yet.
I have a savings which I've worked incredibly hard for. Both investments that are not paid for are underwater (one is worth $40xxx and I owe $52xxx; the other is worth $135xxx and I owe $160xxx).
Can I short sale these properties without having my savings taken? Who do I contact to see if it makes sense- an attorney, and what kind do I look for? A tax guy? I know nothing about this really and never envisioned myself even considering trying to get out of my obligations. But after 7 years of negative income, I want to know my options. Thanks.

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Re: Short saling investment properties at one time by Katiekate (New York) on October 21, 2014 @19:12	[ Reply ]

The bank that holds the mortgages Without the bank approving a short sale...you will not be selling Simple as that

Re: Short saling investment properties at one time by Garry (Iowa) on October 23, 2014 @11:49	[ Reply ]

Here's my suggestion. Rent all 3 places out for the winter at whatever you can get for rent, and keep all your mortgages current. In the spring, vacate the paid-for unit, fix it up really good, and AUCTION it off for whatever you can get for it. That gives you all cash-on-hand immediately. Then either keep renting out the other 2 until the rental market or the for sale market turns around, or sell one at a time, at auction,at a loss, and use the cash you now have from your first sale to pay off the under water loans on the properties. You are between a rock, and a hard place, so no matter what you do, your decision is going to affect you negatively. Good Luck

Re: Short saling investment properties at one time by K (FL) on October 23, 2014 @20:00	[ Reply ]

We are FINALLY getting rid of our SFH after 8 years (about to be 9) of forced landlording. Couldn't sell it all this time, never broke even, and now it needs a new roof, siding, the water heater could go at any time. We were 1 tropical storm away from disaster this summer! Been trying to do a short-sale since spring, finally have an offer, now we just have to wait and see if the bank will accept. 1) we contacted the bank, asked if they would do a short-sale. They agreed. If your bank doesn't, I think you're dead in the water. 2) got a realtor that knows about short-sales and let him run with it. You have to try selling at a high price and lower it until someone buys to prove to the bank that you tried to sell it for more. And how much are we finally getting for a house we bought 22 years ago? $3000.00 more than what we paid for it. So don't expect much for your houses. We have told the realtor that we will only go thru with this as long as we don't have to pay the difference so you better do the same or you'll be paying for a house you don't even own for years. Also, be advised that short-selling dings your credit and selling 2 or 3 at once won't be pretty.

Re: Short saling investment properties at one time by judy twist (edelman chicago) on October 26, 2014 @10:34	[ Reply ]

you are about 4 years too late. the banks don't care about short sales anymore or your money problems your $42k property could probably sell for $12k and if it's not specified in your bank approved short sale contract you could still be held responsible for the difference ($40k)