Should I tell the bank that the house is vacant or has tenants?
Currently, the owner has tenants on a month-to-month basis, but
I didn’t include the rental income as part of his total income.
Should I include the rental income as part of his total income for his financial analysis?
Should I just tell the bank that the house is not rented?
My concern is that a vacant house is easier for the bank to foreclose on.
Yet if the tenants are on a month-to-month lease, does the bank consider it an issue to get rid of them?
Did the bank ask for bank statements? Wouldn’t the bank statements reflect extra income? When the BPO is done, won’t the tenants be there? What has your client been telling the bank as far as why he is in default? All stories should line up… bank statements… BPO findings… what your client has told bank so far…and of course, yours. I would be honest.
I decided to go ahead and tell the bank that the tenants are currently there, which is the truth. When the BPO came, the tenants were present on a month-to-month, but that was about 2 months ago and now I’m resubmitting an offer so I could’ve easily said that the tenants left, but I didn’t. I included the bank statements, but the homeowner only has a little over $1,000 in it. Let’s hope things work out…
I like AMC, they move quickly if you have all your ducks in a row. Currently working on several deals with AMC.
Good Luck!!!
That is good to know, Slim… I’m currently working on a SS with AMC too. One quetions: The SS package they sent me asks for a Listing Agreement, MLS listing, and Termite Report “if applicable”.
I’m no agent and want to work this SS as an investment. Should I get them back on the phone and tell them I’m working a short sale based on my offer?
I saw a similar post recently and we may not be talking to the right people. What do you think?