How do I find an investor for my property? I do not want to go the foreclosure way but no longer want the house.
Depending on what state you reside in there are various laws one must follow. The first thing I recommend is contacting local real estate offices and asking for the Managing Broker or Employing Broker. Ask her/him who is their Foreclosure Expert. If she/he really is a Foreclosure Expert, they should know local investors who may be interested. Being a Foreclosure/Pre-Foreclosure Expert myself, I work with different entities to resolve issues for homeowners who may be delinquent on their mortgage payment. Finding the investor is one of many options available to the homeowner. You are starting off right by asking these questions. Good luck and never hesitate to ask the questions.
Find a local real estate investor club in your area. Also, Craigslist. Be aware, they are going to "fish on bottom" so you may have to do a short sale if you owe money on it to get out of it.
Do not enter into any agreements without consulting an attorney or CPA. BE AWARE, INVESTORS DON'T CARE.
Visit one of your local title companies and speak to one of the closers, or title attorneys before you enter into a transaction. Sometimes they will even help you draft the contract.
Also, don't show your house when you are there by yourself. It would pay you to have a realtor find a buyer for you especially if you are going to mark it down just to get out of it.
Get professional advice, whatever you do before you do anything.
By your question, I would think that your best option is a Short Sale. In a short sale, you/your real estate agent is asking the mortgage or lien holder to accept less than what is owed on the property. There are a few ramifications such as:
A credit rating hit, however, in most cases, you will be able to repurchase a home withing 18 to 36 months. a foreclosure will stigmatize your credit for many years. as long as you properly manage your finances moving forward.
There are potential tax ramifications, however with President Bush enacting "The Mortgage Relief Act of 2007", tax liabilities became less a concern. Still review potential ramifications with your tax specialist.
As with both a foreclosure and a Short Sale, you have the potential of receiving a judgment against you for the amount not recovered by your mortgage or lien holder. In a short sale, you can often negotiate with your lien holder to remove this liability. Not true with a foreclosure.
You must find a Real Estate agent with a confirmed track record of successful Short Sales. Short Sales can be a laborious process and require the commitment of a unique breed of agents. There are networks nationwide of Real Estate Short Sale Specialists that can assist you with your specific needs.
Short Selling a property can be a rewarding process for all involved if handled properly.
Most important, you the homeowner, is relieved of a burdensome debt.
The mortgage/lien holder limits its exposure to another REO/Bank Owned property.
The buyer in most cases is buying a home that is priced below current market com-parables.
The mortgage or lien holder pays escrow fees, real estate commissions, in most cases, arrears property tax liabilities associated with the property and some HOA (Home Owner Association) fees.
I am a firm believer in the Real Estate Short Sale process as a fair and equitable approach to handling the difficulties of real estate in today's economy.