All Forum Posts by: Minna Reid

Im a Real Estate Broker so I use MLS Data.

Appraisals are just another opinion of value. I don't think you need an appraiser for this. Have you expanded the geographical range, and gone further back in time? My gut says $20-30kish for a missing garage for a starter home in this price point. 

Did the approval come with a arms length agreement to sign? Read it. There are no short sale "laws", but the addendum will specify who can purchase the home, and to sign and violate would be fraud. The only time I have seen short sales WITHOUT an arms length agreement would be reverse mortgages, or very random portfolio loans. 

Assuming its properly marketed, price is almost always the issue. Over the last several years tons of new rental inventory was built, and investors have bought up a ton of SFH to rent. There is simply too much rental inventory to sustain the rental prices we saw a over the last few years. Rents are coming down. I would say refresh your marketing and reduce the price to just under your competition. Peak rental season is here right now.

Ill second Jacksonville however, be aware down south is built out differently from the northeast and we do not have a lot of small MF buildings like there is up north. Most investor portfolios are groups of SFH, or large apartment complexes.

If the foreclosure has not been completed the seller is the homeowner. VA cannot list the home until they complete the foreclosure and take possession. They will then list on the MLS.

Hard to say without all the numbers, but I will say this not an unusual set up for the area....and also we have very few duplexes here in Jax, so if the numbers work I am not seeing an issue with the ADU.

 OK well they will probably move that foreclosure sale date to try to do a short sale, which I hope you know will take several months. the property will likely be valued at market value, and there will not be too much deviation from that number.

The property is scheduled for a foreclosure sale prior to your close date, is that correct? Or it was foreclosed prior to your contract date?

Who is your contract with?

By Federal law your lenders can't move towards foreclosure until your payments are 120 days behind. However you will not be able to just resume making payments after 90 days. You will need to pay the back due amounts, or apply for a loan mod or forbearance. Most lenders don't have a whole lot of programs available to non owner occupants, so call the lender and ask about their options for you before moving forward.

However, unless you are expecting some windfall of cash or an increase in income, I don't see how you will be able to start making regular payments if you can't do it now. This sounds like wishful thinking. I would start looking into liquidation options before you lose a bunch more equity to fees and interest from non payment.You would be very surprised to see how quickly your balances will increase once you stop paying.