OfflineI was at a party last night when this lady said her daughter is getting married and looking for a property to purchase here in the area. Earlier in the day my husband comes home from work and say's he has the phone number of a lady that want's someone to take over her house payments as she is going to let it go back to the bank. Sounds simple to match these 2 up...but it gets more complicated. So I am posting this for anyone with experience that can give me some direction see if there is a deal here, how could I get paid and make this a win win for all. I spoke with the property owner this morning. The property has been on the market since 2005. At one point she had an offer and didn't take it as it would have been a short sale. She has been working with B of A and has given the deed in lieu of foreclosure. She submitted the paperwork in Oct. of this year. She is now not making any payments to the bank. She is getting the run around with the bank as it has not been accepted yet! I would say this is shadow inventory... I would like to get the potential new people involved with the Bank...if I do how would I get paid for helping everyone? Enlighten me...thank you.
Barbara
Buying Shadow Inventory?
Posted on: Tue, 12/20/2011 - 15:19
Buying Shadow Inventory?
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- by bmcpherson
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short sale...there are so many properties out there and it seems they all have issues!
First off this is not shadow inventory yet, there has to be a sheriff sale at the house or court house, if nobody wins the bid on the house, the bank then owns the house, its called an REO the bank then list the house with a local realtor to sale, there are millions of these properties in banks inventory right now, the ones that they on, but are not on the market thur an realtor is refered to as shadow inventory, What your looking at is a pre forclosurer, if you have a buyer that can come up with a down payment to cover the back payments sounds like only two or three behind, there is a possible deal to be had here, I hope this helps clear some of the fog here....John H. Somebody else who does these types of deals can help you from here on, I'm still looking for one to do.
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"Deed in Lieu of Foreclosure"...at that point when the bank accepts it I believe it would be considered shadow inventory because it is not listed with a RE agent yet. The home is a little upside down money wise and no one is looking to buy. It is listed in the MLS right now. At this point I think until the bank takes it back or it is given back, the only solution is a short sale?
It's not shadow inventory until the bank owns it just like JA stated. It would have to be in the bank's name on the county property appraiser/clerk's web site. If it's in the bank's name then good luck trying to deal with BOA before it's listed with real estate. If it is still in the lady's name, then making up the back payments & purchasing it as a short sale or subject to the existing mortgage(if the loan amount is not up-side-down) would be two possibilities.
Yes I think the short sale is the only option...it's listed for 459k she owes 417k it's been on the mkt since 05' starting at 750k. I have a buyer willing to pay 200k..I guess it will be B of A's call.
How much is the house worth?
buying. The home was built in 1972 the assessed value is a total of 452,400K with the land worth 300,6k. She purchased in 97' for 130k has put over 200+k of improvements into it and was planning on retiring here. The house is vacant now and she has decided to give it back to the bank. Which she is having a difficult time doing. What are your thoughts? As far as taking over pymts. She has only been making interest pymts. hoping the property would sell. I don't think a monthly pymt. on 417k is going to work for most people.