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03-03-2010, 07:30 AM #1
Renter
- Join Date
- Mar 2010
- Posts
- 1
Confused about Deed In Lieu, Short Sale, and Agent
We're in contract with our agent and have been trying to short sale our house since Nov '08. We've lowered the price so low that I don't know if our bank will accept it even if we get an offer. The forclosure process has already started and we've been given an auction date in early June.
I've recently called my bank wanting information about a Deed In Lieu and was first told we didn't qualify, but today I called the bank again and was informed that my loan IS in Deed In Lieu status. I'd like to proceed with the Deed In Lieu, but don't know what to do about my agent. It sounds as if she wants to proceed with trying to get an offer, but we're getting so close our auciton date that I fear if we wait to complete a short sale we'll end up getting foreclosed on and miss our chance at a Deed In Lieu.
Can anyone tell me what I need to do from here and how I can broach this subject with our agent? TIA.
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03-04-2010, 06:45 AM #2
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
Just tell your agent that you are giving the deed back to the bank in lieu of foreclosure. The odds of a short sale happening before the auction is slim to none, especially when you disclose to any buyers about the pending auction, and your agent DOES have to disclose this material fact.
Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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