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Posted by wayne- pa on February 13, 2005 at 18:49:27:
I have a deed given to me on a duplex that needs about 10K in rehab and is 5 months behind on payments. I have started the short sale neg. with the bank. 1/2 is rented currently for $650/month the othe is empty. After repairs market rent will be $950 each.
While waiting for the bank should I just sit or start cleaning out the place and painting?
Posted by abstract on February 13, 2005 at 19:34:56:
If you have deed to the property it is yours to to do what is fit to bring your desired outcome if recorded. I would not wait on the bank, the theory being altough you are trying to negotiate short sale, bank might not see things your way and deny short sale, and if title has changed hands not through a Land-trust the bank may very well exercise due on sale clause, so i would do my repair work and prepare my finance when they opt D.O.S. clause. Its already your property, hopefully you have searched title for any encumberances.