I'd like to get some advice from the users here. I'm an investor who purchased 5 homes in the last year. All homes are fairly new, in great condition and have very good renters who pay their rents on time. I got in to light on most of the mortgages, so each home cost me a little extra out of my own pocket each month. I had planned to re-finance them (this area was appreciating so fast) that it shouldnt have been a problem.

Unfortunately my main business has problems and now I'm forced to sell these properties. I'm looking for the fastest way to sell them but have been unable to so far. Realators seem to take to long and will charge me 6% which will prevent me from offering the properties at a discount to move them quickly. I am pricing them 15 to 30k under market but still having trouble selling.

I've listed advertisements in several papers here, gotten a few calls but nothing substancial. I really want to avoid killing my credit forever by giving the properties back to bank, but dont know what to do. All are great properties I'm just in such a financial pinch I cant make the payments each month.

I've learned a great deal through all this for sure. Any suggestions apart from the obvious would be appreciated.


Sincerely,

- N

Hello are you still in the market for saveing your home from foreclosure?

Have you asked the persons who are renting your home if they would be interested in purchasing?

If Renters interested in purchasing but cannot get financing, but can afford the existing mortgage payment, maybe a Lease/Option arrangement may work and in 12 months the Renter could obtain financing.

Good Luck!

I currently have a client in almost a simular situation, but a little more in dept (scammed)

Real Estate Commissions are not written in STONE......if your places aren't selling and the homes are priced right and the real estate agents are charging "Full" commissions. You are right they are "Realators" and not "Realtors"

Here's another idea.........Cut the Real Estate personnell commissions in half or less, if they bring a buyer! (they aren't doing anthing anyway)...........list it in places like "Craigs List" and all the numerous "For Sale By Owners" sites on the internet.
There are also, now-a-days, some loan officers that will market the property for you for "free" as long as they get to do the financing. This includes handling the escrow. Make sure that they don't slip commission sales in, at the close of escrow!
I found this out through advertising on the freebie networks

If your credit is still workable. And you sounded like you seem to be having problems re-fying them???
There are bridge loaners out there and otherssss that charge a higher interest rate, but if you look at it in the grim way. It's better than letting your credit suffer......by that time, you'll find a buyer or some other avenue will open up for you?

By the way, if you are in California contact me, I'll give you a deal on FSBO fee's.

The only thing you need to ask yourself is if you want to salvage your credit or save these homes you own? I f you owe more than they are worth then your best bet is a short sale, however if you can't sell these quickly you might consider trying to refinance them if you are not already in foreberance if you are then your best bet is hard money. There are alot of details involved in this situations but if you have any questions please feel free to contact me. Best of luck.

-S

If it will help, we have a loan program that will give you refinancing at 65% LTV. If that works, we can get a deal done.

You may try to sell with owner financing - wraparound/balloon , or subject to...