We're buying a house.

[Jones]

If you can get the bank to agree to a short sale, that would be a sweet deal all around.

 

[UpstateNYUPSer(Ret)]

If you can get the bank to agree to a short sale, that would be a sweet deal all around.

Jones, I know that there are tax implications on a short sale, but these would be on the landlord, not Steve, right?

 

[Jones]

Jones, I know that there are tax implications on a short sale, but these would be on the landlord, not Steve, right?

As far as I know there's really no downside for the buyer. The seller and the bank both take a hit, but the seller couldn't make his payments anyway and the bank avoids the trouble of going through the foreclosure process.

 

[ol'browneye]

Good luck Steve. Maybe someone else's misfortune can turn into your good fortune!

 

[fxdwg]

Steve.

1. Get a new Lawyer
2. Failure to pay rent is a default on your Agreement
3. You do not have "Dibs" on this property
4. I read something about "shorting"...it may exist locally, but is not a recognized activity in RE except for stocks
5. See #1..pay your rent to a new Lawyer through an Escrow-type account...But pay your rent

I don't know your circumstances, but Lenders are looking for good people that have a history of paying on time without defaults

 

[UpstateNYUPSer(Ret)]

Steve.

1. Get a new Lawyer
2. Failure to pay rent is a default on your Agreement
3. You do not have "Dibs" on this property
4. I read something about "shorting"...it may exist locally, but is not a recognized activity in RE except for stocks
5. See #1..pay your rent to a new Lawyer through an Escrow-type account...But pay your rent

I don't know your circumstances, but Lenders are looking for good people that have a history of paying on time without defaults

fxd, I was one of those who advised Steve not to pay his rent. In hindsight that may have been poor advice, especially if he is does try to buy the house. I don't think he needs to hire a lawyer just yet--simply call the bank and ask them where his rent payment should be sent.

Steve does not have "dibs" on the property but since it has not gone through foreclosure he would have an advantage.

Short sales happen all the time and are an ideal way to buy a house. This situation is an ideal one for a short sale. Google short sale and I bet you would agree with me.

 

[fxdwg]

fxd, I was one of those who advised Steve not to pay his rent. In hindsight that may have been poor advice, especially if he is does try to buy the house. I don't think he needs to hire a lawyer just yet--simply call the bank and ask them where his rent payment should be sent.

Steve does not have "dibs" on the property but since it has not gone through foreclosure he would have an advantage.

Short sales happen all the time and are an ideal way to buy a house. This situation is an ideal one for a short sale. Google short sale and I bet you would agree with me.

Steve.My BC advice is still valid.

Thanks UPSstate

 

[fxdwg]

I did look up "Shortsale" on Google. Very, very different than shorting stocks.

Anyway, Steve needs to stay clean and leverage that in the short term

 

[stevetheupsguy]

All I can say right now is, Thank God!

 

[toonertoo]

All I can say right now is, Thank God!

Yup, everything happens for a reason. sometimes we learn it sometimes we never know. TG is right!

 

[packageguy]

Goodluck