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Foreclosure/Can I lease with an option to purchase my mortgaged home


I am selling my home that I purchased in 2007 and would like to know what kind of options are available.
  First of all my mortgage has been modified under HAMP, does that make a difference?  It is For Sale by Owner, and I believe I have it priced for a quick sale at $100,000 based on other recently sold homes and what is available at this time.  
  If it does not sell quickly, can I rent or lease it?  What about Lease with an Option to Buy?  
  I live on a main thorough fare and have it listed on, but was wondering how much advantage an MLS would provide.  
  I am new at this, so any thoughts, ideas, advice, suggestions would be greatly appreciated.  Thank you in advance for being a wonderful person willing to assist others.

To my understanding there are no restrictions on selling if a loan has been modified.  But you may want to do a quick read over of your loan documents just to make sure.  And as long as you are making your payments I believe you can also rent/lease the property.

Zillow is fine but MLS is best (IMHO).  There are fee for services real estate companies in most areas so you may want to consider that if you wish to save money.  However, if your house is in MLS you will need to offer a competitive commission to agents with buyers.  It is generally well worth it to also have an agent on your side as well.  As a newbie you will probably net less selling yourself than if you listed the property.  Again, my opinion.

Commissions can vary from company to company so shop around for the best rate for the best service.

Best of luck in selling.



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Steele V. Propp


Can answer questions on all areas of the foreclosure process both judicial and non-judicial. Also on loss mitigation and foreclosure prevention including loan modification, short sales and deed in lieu of foreclosure. Also can assist with questions on purchasing property in foreclosure and already bank owned (REO, Real Estate Owned). Both as an investor and/or a homeowner.


I have 18 years of working with the foreclosure industry as a Foreclosure Specialist. Currently work with over 20 major lenders as well as a dozen asset management companies. Head up the Bank Owned Property Division of the Schatz Real Estate Group located in Minneapolis, MN. Regularly consult and advise consumers from across the county.

I belong to the Realtor Association at the National, State and Local levels. Also the Real Estate Investors Association. The Real Estate Educators Association. The National Association of Real Estate Consultants. The Short Sale Specialist Network. As well as number foreclosure related industry organizations.

Consumer Reports, Money magazine, Consumer Digest and many local and national newspapers.

Bachelors Degree work in Psycholgy and Economics. Masters Degree work in Counseling Over 15 real estate designations. Specialized ongoing study of foreclosures, short sales, mortgages and real estate.

Awards and Honors
Diamond Award from the Certified Residential Specialist (CRS) origanization. Chapter of the Heart as President of the Minnesota CRS Chapter. Consumer-Certified Real Estate Consultant Certified Distressed Property Expert

Past/Present Clients
GMAC Asset Management, First American REO, HomEquity REO, Keystone Asset Management, Greentree, REOWorld, ServiceLink and more.

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