Deed in lieu of foreclosure in Manassas Virginia

By
Services for Real Estate Pros with RE/MAX Town & Country

Deed in lieu of foreclosure in Manassas Virginia

This week I have been in contact with a homeowner who has vacated their Manassas, VA house. The owner is behind on their mortgage payments and a short sale may be a good solution to the problem.

The owner has decided not to even try to short sale the property. Instead they just want the property to be foreclosed.

Deed in lieu of foreclosure in Manassas Virginia

As a private real estate investor I have some options to help solve the problem for the bank. The bank is dealing with a belligerent homeowner who is not cooperating in doing a short sale. The bank would prefer not to foreclose on the property.

The best solution for the bank to avoid foreclosure is to sell the note to a third party investor who will then offer the homeowner the option of signing the deed over in lieu of foreclosure.

The first step is to have the bank agree to sell the note at a discount.

The second step is for the investor to see if the owner will sign the deed over to the investor in lieu of foreclosure.

If the homeowner will not cooperate with the investor, the investor will then foreclose on the property and take ownership.

As long as the note is purchased at a deep enough discount, this scenario is a win-win for all concerned. The bank frees up their books from a non-performing asset, the investor obtains a property at a discount, and the homeowner is relieved from their real estate problem.

Deed in lieu of foreclosure in Manassas Virginia is one option for me right now.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Virginia Prince William County Manassas
Groups:
VIRGINIA
Virginia neighborhoods
Tags:
deed in lieu of forclosure
buying notes
short sale
investment property

Spam prevention
Show All Comments
Rainmaker
856,798
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I agree that there are answers and this is one and not the only one.  Why is the gov. not trying to solve the problems?

Jun 30, 2010 06:26 PM #1
Rainer
58,151
John Marion
RE/MAX Town & Country - Canton, GA

Yes there are solutions that can help clear up the mess with all the vacant properties in the market. I'm working hard to solve real estate problems in my area.

Jun 30, 2010 06:30 PM #2
Rainer
147,952
Don Spera
CR Property Group, LLC - East York, PA
Serving York and Adams County, PA

John, the public has to be let known these things before D-day.  Someone has to educate them.  It has to start somewhere, before it gets this far.  It is a great resolution to a growing problem.  Thanks

Jul 01, 2010 12:06 AM #3
Rainer
58,151
John Marion
RE/MAX Town & Country - Canton, GA

Thanks Don.

 

Jul 01, 2010 04:53 AM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
58,151

John Marion

Ask me a question
*
*
*
*

Additional Information