Re: Short saling investment properties at one time

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

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.

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Re: Short saling investment properties at one time - Landlord Forum thread 326247