Apartments for Low Income

Questions and Answers

Your Questions About Duplex For Sale

November 26, 2012

Chris asks…

where can i find duplexes in utah for sale?

Administrator answers:

You can try Craigslist.org , as well as local mls, or find a real estate agent that deals with investment property. You may also contact area real estate investment groups for their advice, contacts, etc.

James asks…

How long does it take for a short sale if the house has been on the market for 45 days?

and the seller has already submitted all of their paperwork AND the bank has already done the appraisal? Does this mean it will be quicker? They had the house listed for 250,000 and now it is listed at 175,000. I put in an offer at 169,500. Its below what they have listed but the bedrooms are real small and its a duplex.

Administrator answers:

If the short sale package has been approved, the bank will want a quick escrow. I just went into escrow on a pre-approved short sale and the escrow will be 30 days, per the offer contract.

If a short sale has not been approved, it could take a few months for the seller to submit the hardship package and get it approved, put the house up for sale, accept an offer, and have it approved by the bank. Especially if there are multiple lien holders (second mortgage, tax lien, etc.). In that case, the bank has to negotiate with the lien holders to see what they will accept. If they can’t come to an agreement, the bank rejects the offer and relists the property at a higher price. Then they start all over again.

Carol asks…

Im tring to buy a duplex like the whole building anyone know of a good website?

What are some good real estate website? Although this seems simple Im having trouble finding them on some websites, only individual ones for sale.

Administrator answers:

Are you doing a search under “homes” at individual realtor sites? Try looking under their other categories such as investment/commercial or “multifamily” units may give you better results.
This has great tax-benefits when you can live in one part and rent out the other. An excellent choice and I think that the potential rent income is figured into your income when qualifying for a loan and can be helpful. Also hard to track just what unit those little items that you bought at the home improvement store went into, nudge, wink.

Nancy asks…

How much does it cost banks to foreclose and sell a house now?

I put an offer of $170,000 on a short sale duplex that was listed for $200,000. I was the only offer. The BPO came back from the bank at $230,000. How can they expect to get that much when there weren’t any other offers?

About how much would the bank lose to foreclose on the property and try to sell it themselves? Would it be reasonable for them to think they can make more money than my offer?

The sellers agreed to pay closing costs and section 1 items. If it becomes an REO it will be sold “as-is”. There are lots of REOs for sale in my area.

Administrator answers:

Doesn’t really matter what you think about bank refusing your offer, OR how many offers were submitted, or whether the bank is acting reasonably. They aren’t answerable to you. Foreclosure costs tens of thousands of dollars. It is tax deductible, but, when you consider they’re already at a loss, and everything less they take digs them a deeper hole.

You need to up your offer or move on to another property. Apparently there are many to choose from, so don’t spin your wheels.

Betty asks…

Is selling a house as a short-sale bad idea when it’s already a foreclose?

We own a rental duplex that we are about to loose because it was hard to keep with payments due to not being able to rent.I’m thinking of putting it for short sale.But how bad is this on credit versus foreclosure is it worst or not?

Administrator answers:

First, you have to have approval from your lender to do a short sale. On an investment property, that might not work too well. A short sale does have a negative impact to your credit, but not as bad as a foreclosure or bankruptcy.

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