Re: How much do I tell prop. mgr about forclosure?
Posted by steele in minnesota on August 22, 2007 at 19:30:58:
In Reply to: How much do I tell prop. mgr about forclosure?
Posted by f***d_in_FL on August 22, 2007 at 08:28:03:
Short sale is much preferred when compared to what a foreclosure will do to your credit. I would get it on the market at a reasonable price for the area right away. Since your manager is also your Realtor I would be honest with him about the property going into foreclosure. he will need to add the wording to the MLS "subject to bank approval".
One thing, if he doesn't have knowledge on the short sale subject (or can't get help) and that is what you want to do, don't let loyalty blind you. You need skilled people handling this.
As long as you own it you can collect rents. My other question would be if you have a lease that goes beyond the foreclosure timeframe. If so, I think the renters will need a heads up some time in the near future as well.
You can see from the posts here that when renters don't know they feel they got the shaft.
Steele (honesty is best)
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