I just joined the forum and I am not sure if this has been asked here before. Is it possible for someone to shortsale their own property? I am a realtor (since March 2006) with no investor contacts but i also want out of a couple of properties i own with some people. we were thinking of listing the properties but this will take twice if not thrice the time we have as we are relocating cities.
I had never heard of short sales until last month and i have been reading all over the internet about them tha said, i would appreciate any and all help on how this process works and if it is possible to short sale a property which has my name on the deed.
Are you behind on payments?
Does the property need work?
Is there a problem with the house that the house cannot be solved?
What are the financials of the owners?
You can not short sale a property to/for yourself. It’s still a “sale” any way that you look at it. To my knowledge, you can not legally sell a property to yourself.
Your best bet is to hook up with a knowledgable Investor in your area. Keep in mind that none of the profits of a short sale are supposed to be shared with the Home Owner. However, there is nothing wrong with the Investor paying the Home Owner for personal property, such as furniture, clothes, etc. as part of the purchase agreement.
Try doing an internet search for an Investor Group in your area and give them a call.
I know a number of individuals who negotiated a short sale on their own property but obviously had to have a buyer (other than themselves) ready to act on the approved price.
You could also have someone else nogotiate the short sale for you.