I have a couple of clients who have made some bad investments. One particular client bought a house owner occ and lived in it for a few years and has since moved on to another house. So that house has been rented and has become an investment property. I was wandering how successful my fellow bloggers have been at negotiating short sales for investment properties. If anyone has had any luck please share any information you might have that would be helpful.
Keller Williams Realty Beverly Hills - Beverly Hills, CA
KW Beverly Hills
I would love to see any responses to this post as I have a client that owns a 4plex going thru the process right now
Sep 11, 2008 04:52 AM
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.
I have several articles about short sale on my website. Check them out here: http://www.google.com/custom?domains=www.thinkglink.com&q=short+sale&sitesearch=www.thinkglink.com&sa=Search&client=pub-5102497239186596&forid=1&ie=ISO-8859-1&oe=ISO-8859-1&cof=GALT%3A%23008000%3BGL%3A1%3BDIV%3A%23336699%3BVLC%3A663399%3BAH%3Acenter%3BBGC%3AFFFFFF%3BLBGC%3AFFFFFF%3BALC%3A000000%3BLC%3A000000%3BT%3A0000FF%3BGFNT%3A0000FF%3BGIMP%3A0000FF%3BLH%3A0%3BLW%3A0%3BL%3Ahttp%3A%2F%2Fwww.thinkglink.com%2Fimages%2Fheader.jpg%3BS%3Ahttp%3A%2F%2Fwww.thinkglink.com%3BFORID%3A1%3B&hl=en
I know that link looks daunting, but there are some good articles there that I think could be helpful. Let me know if you need any more information!
Sep 11, 2008 04:53 AM
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato
I've closed a few short sales that were investment properties Ed. The same principal applies the seller will need to qualify for the short sale with a hardship, the bank will aks for all of his income documentation, a financial statement, and the bank will want an offer in hand to begin negotiating.
Sep 11, 2008 04:54 AM
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
It was my understanding that the short sale debt foregiveness only applied to primary properties. I'm going to park here and see if anyone can show actual proof that these sales don't end up with a tax due bill at the end of the year.
Sep 11, 2008 04:58 AM
Century 21 First Realty - Tallahassee, FL
I have about 25 shorts in the pipeline as we speak. I have no banks that are balking based on "investment" property vs. owner occupied status. To the bank, it's all about the benjamins.
*Cindy - it sounds to me like you are talking abou the mortgage debt foregiveness act which does pertain only to owner occupied properties. However, it has zero to do with short sales.
Sep 11, 2008 07:04 AM
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