I have a rental property that has been on the market for a month now, listed as a short sale. The first week there were a couple showings, now there is nothing.
How can I get this property sold? Currently it is listed with an agent.
Do the “we buy houses” guys in the paper really buy houses?
Any other suggestions on how I can get rid of this property?
What are the numbers? If you’re asking too much, then you’re evidently trying to make something out of it for yourself, and no investor will touch it.
Listing with an agent is the slowest way to sell, you need to find an investor with ready cash.
Yes they really do buy houses, but only at the right price.
I know one REI down Tampa way, he might be able to help.
The mortage is for $176K and right now it is listed at $139K I’m not sure what it would appraise for, I have done a lot of work to the house.
I’m not looking to make anything off the house at this point. I just want out, the house could sell for $1 for all I care, the lender just needs to accept the short sale.
Have you talked to the lender to see if they will acept a short sale on the property?
A NOO is not the same as an OO property.
Yes, I have talked to the lender about the short sale. Yes, it is possible. I would need to submit a short sale packet, contract, etc, etc and within 7 - 10 business days they would let me know if it has been approved.
Yes, I know the difference between NOO an OO.
I figured you knew the difference and I didn’t mean to come off offensive… but the lenders are less flexible with a NOO.
I’d call the “we buy houses” guys… yoiu may even get some help with the lender accepting yoiur short sale package.
It’s ok, thank you for your replies. I am sure you are right, but it is worth a shot.
Do the “we buy houses” guys really buy the house or they going to just get it under contract with me and then try to get it under contract with someone else and double close? Could they assign the contract on a short sale?
I just dont want to call these guys and have them waste my time
Some buy them, some assign them. A lot of them are on this site… maybe if you put up the articulars of your house, you could get one of these guys to work with you…
JROCK, The “WE BUY HOUSES” guys sometimes work but it REALLY has to be a GREAT deal…but here’s the formula that most use:
ARV x .7 (70%) - “repairs” = MAO
Always remember, they’re just investors like you and I!
Thanks amparrish. Yes, I know the formula…they can offer whatever they want…and i don’t care…just as long as the bank accepts the short sale.
I called the realtor and told her to reduce the price. It’s now at 129K and the payoff is $176K
I called a couple we buy house guys and they will get back to me on monday after they do their homework.