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15
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Eran Matalon
  • Brooklyn, NY
2
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15
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Short Sale on a Church that used to be residential.

Eran Matalon
  • Brooklyn, NY
Posted Nov 20 2016, 10:24

Hey everyone, 

I currently want to buy a foreclosure property that used to be residential and is now a church. My end goal is to sell it as a residential. The bank would not except a Deed in Lieu from the owner, probably because its too much of a head ache for them. What is the process do to this short sale? Is it smarter to do a short sale as a church or to  first convert it back to residential and than proceed? If anyone has any experience in this case or has done something similar to this before i would like to hear how you went forward with it. 

The property is located in NYC.

Thanks!