Questions & Answers

From: Multi-Unit Investor

Location: Victorville, CA

Question: Should I let my investment property go into short sale or foreclosure?

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Property is 80-90,000 underwater. It will probably take years to get to even status. The rent is enough to pay the interest only payment and taxes and insurance. However, it is due to reset in 2018.

Response: I do not recommend letting any property go into foreclosure. A better alternative is the short sale. Short sales are just as effective in getting rid of a bad investment as a foreclosure, however the impact on your credit is much less. In some circumstances, the banks may even forgive some deficiences. I recommend that you find a Realtor that is an expert in short sales and that also knows your local market.

From: Recent Seller

Location: San Bernardino County

Question: How long do I have before I need to move out of my house?

Response: The answer really depends on the purchase contract: this is where all of the closing information is disclosed. Generally speaking, the seller has 3 days after the close of escrow to vacate the property, but all contracts are different so contact your Realtor that knows the details of your purchase contract.

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