i live in cali. if a home has been foreclosed on, is there still a way to short sell it?what steps would i do?
- LandlordLv 710 years agoFavorite Answer
You can't sell someone elses property, that would be fraud. The bank owns it now, it is theirs to sell
- loanmasteroneLv 710 years ago
By foreclosed on do you mean the foreclosure procedure has been completed and the property has been returned to the lender. If this is t he case then you no longer own the property and legally can not do anything with the property.
If you mean the documents have been issued indicating that the property is current in a foreclosure state but the foreclosure action is not complete, then yes you might apply for a short sale. Normally the lender would want the property listed through a local real estate brokerage firm. Also most would want a local real estate agent to assist in the request for the short sale. The real estate agent you would list you property for sale might be a candidate in assisting you with your request for a short sale.
You would want to interview several real estate agents about their abilities in short sales. You would want to get the most competent one available to assist you.
You must remember that this is a request to your lender that must be approved by them, with no guarantee that they would approve the short sale.
if this is the case then yes you may submit an application for a short sale.
I hope this has been of some benefit to you,good luck.
- wizjpLv 710 years ago
"foreclosed" in standard real estate language means that a secured lender has completed an action to take ownership of a property that secured a debt. You can't short sell what you don't own.
- Expert8675309Lv 710 years ago
Once a home has been foreclosed on, you have LOST legal control of the house.
I have never, ever seen a bank approve a short-sale once foreclosure has taken place. The time to do it was before you got that deliquent.
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- SlickterpLv 710 years ago
If it's already foreclosed, you don't own it anymore. If foreclosure started but is not complete, you could try a short sale, but it's likely too late since short sales can take a few months.
- Anonymous4 years ago
take a glance at your very own loan records. whether that's a nonrecourse very own loan the lender won't have the criminal appropriate to deliver mutually. they're whether, tax effects. you may desire to nevertheless very own the tax guy (Uncle Sam) on the unpaid element of the loan. The IRS considers any canceled loan debt as earnings. consult with an accountant or a tax lawyer earlier doing something.
- ?Lv 710 years ago
No it is too late. You no longer own the house so no right to sell it
- WalamaLv 510 years ago
I'd say no, but you're in California, so anything is possible.