Investor wants to buy our home....?

[flower04]

We were slotted to walk away from our home this summer and move to a long distance and be in a rental. Actually, we are set to move in about 5 weeks.

Haven't received NOD, but expect to soon. It's been over a year.
Filed 13 July 09 and were advised NOT to do a Short Sale. This investor is a friend of ours who is a realtor. That is how he knew our house was a short. He is legit, has other rentals in our neighborhood, one down the street from us, and works exclusively with a loss mitigation firm that has been successful in closing Shorts. He said their team had 34 SS close this last year. I don't know how many were attempted, but 34 seems like a high number.

The only reason I woudl consider it would be (1) with our attorney's blessing, and (2) to "start" the clock on the amount of time we have to wait until we can qualify for a home loan down the road in 3-5 years. Our 13 will be over in July 2012. We already have submitted all necesary paperwork in order to start the process and now that we have an offer, it can be presented.

Thoughts?

[BCA2009]

Would you rather not stay in the home rent free until it is eventually foreclosed?

I have a piece of property that was discharged in BK. I have also had a couple of people intested in a short sale. But I am not going to help unless I get a commision. It hasn't progressed very far yet and the bank may laugh at me, but here are my thoughts:

I gave the potential purhcaser the name of the bank and told him to feel free and call them with an offer. I don't know what he is willing to pay. But if the bank is interested, they either have to foreclose, which is very expensive or I can participate in a short sell which would save the bank the foreclosure costs and allow them to make more money from the sale to the investor. In exchange I want some type of commission.

Like I said they may laugh in my face, but then they can just foreclose or pass up the potential buyer.

[flower04]

Yes, initially I wanted to stay here until the dying end, but my DH's employment is almost a 90 minute commute (one way) and it is killing us and our family. When we found a rental that met our needs in a great price range (which there are VERY few that will even rent to us with BK), we had to jump on it.

Good luck on the comission thing, I hope it works out for you!