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Foreclosure/Foreclosure on Land

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Expert: Dennis Herman - 7/28/2009


Question
I own 1.25 acres of empty land in Arizona.  My financial situation has not changed but I no longer want the land and I obviously can't sell it since it has dropped in value over 50-60%.  My lender is M&I Bank.  Can they come after me for the difference if it goes into foreclosure?  Can a short-sale be done on empty land?

Answer
Looks like you got into an investment that went south.  I'm not sure how to answer this.  I would check on land prices through a local agent to see what you may be able to see it for.

You should contact an attorney to see what your options are.  Is there a chance of paying on the mortgage until prices increase once again?  In Wisconsin land prices have not been effected by much.  They are still pretty much the same as they were 3m years ago.

If you want to try selling on your own try a free ad on the local backpage.com or craigslist.com.  I hope this helps, but a Real Estate agent may be able to get a buyer quicker than a free ad.  But there are times I put in a free ad and received a call within minutes.  Take plenty of pictures and write a good description.  Don't forget, commissions are negotiable.

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Dennis Herman

Expertise

I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?

Experience

Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.

Organizations
Greater Milwaukee Realtors Association Wisconsin Realtors Association National Association of Realtors

Publications
http://activerain.com/bloghome

Education/Credentials
State of Wisconsin Licensed Real Estate Sales Agent Accredited Buyer Agency Training Relocation Training Certified Senior Citizen Representative Wisconsin Real Estate Continuing Education

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