What can I do if I need to Sell a property before it gets foreclosed on? to make the sell go faster?

In Selling Property - Asked by Marissa W. - Nov 18, 2008
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Answer(s)

Nicolas B.
Owner/Investor
Rancho Santa Fe, CA

Have the lender agree to a short sale.

Nov 18, 2008
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Raul G.
Broker/Agent
Burbank, CA

Most lenders, banks, will allow a Short Sale, however if it is in the foreclosure process they want to see a ligitimate Purchase Contract to stall the Trustee's sale. It takes some doing, but it is very doable.

Nov 19, 2008
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Joe V.
Owner/Investor
Plymouth, MI

Provide access to fast/easy/cheap financing to a prospective buyer...and advertise that you can provide this.

Dec 10, 2008
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Tom N.
Broker/Agent
Irvine, CA

Get advise from Commercial broker in your area and get an idea of how much you can sell it for quickly. Hopefully this covers your loan amount and you get some cash on top of it. Many times the broker may have a buyer looking for the exact property you are selling so you may get lucky. I will be glad to help if you have questions: Tom Nguyen tnguyen@naicapital.com

Jan 5, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

Lenders will not consider a short sale (sale price below loan amount) until there is a valid offer on the table. However, you can and should open the discussion with your lender immediately. Let them know that there is a hardship and provide written documentation.
Next contact a real estate professional in your area and get a solid understanding of the true market value of your property in the current market. Once you recover from that, if its commercial prepare to list the property for 25-50% less than market. If its residential there are more buyers out there and the discount might not be as severe. But to achieve a fast sale, it takes a very aggressive price.
chris.schreiber@century21.com

Jan 16, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

Price cures all. In this market the ONLY thing you can do is drop the price below the current going rate (of foreclosures in your neighborhood) and then pray your lender will work with you on a short sale. It will still screw your credit but not as bad as a foreclosure. Be aware that some lenders reserve the right to come after you for the difference at a later date and nearly all lenders will report the difference to the IRS as ordinary income. Scarey but true.

Aug 3, 2009
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