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#18879 - 06/15/06 08:17 PM What's the best way to handle this?
buyingallhouses Offline
Member

Registered: 09/26/04
Posts: 245
I've been asked to take a SHORT SALE listing for a property which will be vacant in 1 week and the owners are moving out of state.

I'm concerned about what's going to happen to the lawn and garden if no one waters the plants or grass, or cuts back the weeds.

My market is tough enough and only the cheapest properties or the cherry's are selling.

Since this is a Short Sale and there is no guarantee that the bank will agree to whatever offer we get - I hate to waste my own money/time maintaining the property for the next several months.

Also - since the lender will be paying the commission (not the seller) I don't think I can expect reimbursment at closing.

Suggestions?
_________________________
Atlanta Real Estate

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#18880 - 06/15/06 09:38 PM Re: What's the best way to handle this?
ky realtor Offline
Major Contributor

Registered: 04/21/05
Posts: 1879
Loc: kentucky
That is a problem that I had before. Neither the property owner or the bank would agree to pay for the lawn maintenance. I had to just let it grow. I don't know the solution unless you want to do it yourself. I was lucky to get a commission at all, let alone lawn maintenance. Luckily, the property sold in about a month, but this really bothers me to see an unkept property.
_________________________
Comments made are my opinion, and not intended to be legal advice of any kind.

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#18881 - 06/15/06 10:28 PM Re: What's the best way to handle this?
24Salem7 Offline
Member

Registered: 02/05/06
Posts: 235
Loc: Salem Oregon
Best of luck -
I have had banks make it to agreement that the property owner maintains the property or no deal considered
_________________________
Donna Toline, GRI, CRIS
Principal Broker, NRBA Member
DAT Real Estate Solutions, PC
Salem, OR 97305
503-828-0256 Direct
503-551-1160 Cell
www.The-Dream-Team.us

The Courage To Be Great Lies Deep Within Each Of Us -

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#18882 - 06/15/06 10:52 PM Re: What's the best way to handle this?
buyingallhouses Offline
Member

Registered: 09/26/04
Posts: 245
Salem - that's an interesting idea.

My first thought, though, was that if the client found out that was my idea, they would feel betrayed.

Wouldn't it be straighter (at least at the pre-listing stage) to spell that out as my own policy, before I can agree to take their listing?
_________________________
Atlanta Real Estate

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#18883 - 06/15/06 11:45 PM Re: What's the best way to handle this?
Paul Oaks Offline
Major Contributor

Registered: 06/23/04
Posts: 3370
Loc: Central Illinois
Did this seller get along well with the neighbors? If so maybe he can get the neighbor to cut it

 Quote:
Originally posted by buyingallhouses:
I've been asked to take a SHORT SALE listing for a property which will be vacant in 1 week and the owners are moving out of state.

I'm concerned about what's going to happen to the lawn and garden if no one waters the plants or grass, or cuts back the weeds.

My market is tough enough and only the cheapest properties or the cherry's are selling.

Since this is a Short Sale and there is no guarantee that the bank will agree to whatever offer we get - I hate to waste my own money/time maintaining the property for the next several months.

Also - since the lender will be paying the commission (not the seller) I don't think I can expect reimbursment at closing.

Suggestions?
_________________________
Paul Oaks
Oaks Real Estate Group

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#18884 - 06/16/06 07:30 AM Re: What's the best way to handle this?
midsouth newbie Offline
Member

Registered: 05/27/06
Posts: 30
Loc: TN/MS
OOOPS, my ignorance is showing... What is a short sale?

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#18885 - 06/16/06 08:32 AM Re: What's the best way to handle this?
buyingallhouses Offline
Member

Registered: 09/26/04
Posts: 245
Short Sale: The negotiation of the transfer of ownership of real property with a mortgagee, when the property is financially over-encumbered (ie 'upside down').

or:

The lender(s) agrees to take less than the total amount owed to satisfy the debt, (short or discounted mortgage) and the seller is able to transfer title and avoid foreclosure.
_________________________
Atlanta Real Estate

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