Need Advice On a Short Sale

I would question weather the bank is up to speed that the home they are marketing through an agent, is inaccessible to prospective buyers. I have looked at properties rented out by tenants other than the owner. It should be a simple matter of the listing agent or bank contacting the tenants and schedule a viewing. Your agent could contact the bank and quiz them on the situation. Just a few suggestions. Good luck

Sam,If you think it is a great deal and you are buying to rent, I would say assume the worst as far as the homes condition goes and give the bank a real low offer with the inspection contigency to protect yourself, also if the tennants are bad( I would try to talk to them to find out about them first ) and wont leave, find out how long to evict them and if its 30 days put an addedum in that first payment wont be due for 90 days from closing. That would give you time to get them out and do repairs and find a renter.
good luck and keep us up to date on your deal.
Richie.

Sam,
I have been doing short sales for quite a while.
This a few of the questions that I would want to know:
Is this a true investment property that is being shorted for a landlord? Is this short sale already been worked? Do have any idea what the comps are for the area? Are you making an offer to the bank for the short sale and then working it for yourself?
If so then it is a possibility that the agent might not have access to the property. There might be a property management company for showings. I went through this for a couple of duplexes that we had.
There has been times that we have received leads that we made offers on without seeing the property and then shorted it.
What are your numbers like for this? Are you wanting to short sale the property or buy it for rental property?
I buy at a discount and turn the property for a profit.
Hope this will help.
Laura
www.bmwinvestproperties.com

If this is a short sale, the lender is not listing it. The owner will still have control of the property. The listing contract is between the owner and the listing agent. If the owner is renting the property, they have contact with the renters. They may be collecting rent and not making mortgage payments. If so, they have no interest in selling the property at this time. You need to get your information from the listing agent. You will not be able to talk to the lender without the consent of the owner. Check the county records to see if there has been any forclosure paperwork filed by the lender.

Good Luck, Al

Thank you for your post. Yeah, we contacted the listing agent but he said access to the house was not possible - but people live there. And since this is a short sale the owner still has control so he should be able to talk to the tenants AND the agent. I will have my agent talk to him again and possibly the owner and see what's up. We can't talk to the lender without consent from the owner, right?

The bank is in the pre-forclosure status right now which means that the bank has not taken control of the property yet. This would be why you have renters. What I would do in your case is get onto your county assessors website and look up the address. This will tell you the name of the current owners. Then what I would do is go to DexKnows and look up this persons name and call them. Tell them you are a Real Estate Investor and you are really interested in their property. Tell them that you would like to see the property but the listing agent does not have access to the house. See if you can schedule an appointment with them so that the owners can let the renters know there is someone to come and look at the property.

It is worth a shot and the worst that the owner could say is no. That is when you start looking at other properties in the area.

Hope this helps.
Jen

This is a property that is a short-sale by the owner. What do you mean by "already been worked?" Do you mean by another investor? From the looks at the recorders office, no. The comps in the area are amazing; about $330-400 per sq. foot. I want to make an offer to the bank and either assign it to an investor (I'm looking at getting this property for around $155.00 per sq. ft!!!) OR work a joint venture. The FMV for this property is around $389,000 but I'm looking to get an offer in for about $165-200k MAX. So I easily have a major profit sitting in the works here. I'm on the fast cash track right now so I don't want to rent it - don't have the money myself so I'm looking for someone to help me with it.

But any insight would be helpful because this issue with not being able to see the property is huge.

Thx again,

SK

A lender will not talk to you about an account without the written consent of the mortgage holder. The listing agent is the key. You will need to go through him/her. You can get an idea of where this property stands in the forclosure process by checking county recorders records.