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Avoid Short Sale Real Estate "Deals" |
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I would appreciate an answer to my question.
My fiance and I own two expensive loft style properties in San Francisco and Oakland that have drastically depreciated. We recently got engaged and are expecting a baby. That being the case, we need to move into a larger rental home.
We both tried hard to have our homes sold on the market with no success. The properties have been sitting and draining us.
I was approached by a gentleman who calls himself a "short sale specialist." He is certainly a smooth talker. We had a lengthy conversation, and he assures my fiance and I that he can certainly short sale both of our properties, and I am 100% positive that he stated there will be no fees up front. He met with us the other night and instructed us to quit making our payments. Just tonight I received an email from him stating that we each need to pay him upfront one month's mortgage for each property so he can pay his staff and the credit repair service. That is a total of $7,000.00 up front. This is a surprise to me being that he clearly stated there were no up front fees. I have done my research and see no indication of this being common practice. Does this sound typical to you?
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Don't quit making your payments. It will ruin your credit and result in the loss of your condos.
Don't give this guy any money. And don't expect to qualify for a short sale. Lenders won't even consider it unless you can prove you're just about destitute, and even then it's not that common.
In your situation I'd sell the condos for whatever they will bring, and consider buying something else that has also dropped in price.
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Edith
Originally published on November 6, 2007 |
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