Buying after a sheriff sale(redemption)
I'm looking at a property in foreclosure. ARV of $165k. Seller wants $5k. The issue is it went to a sheriff sale, and the bank picked it up for $123k. Can't get inside, but based on the exterior, I could see $10-20k in repairs. So overall doesn't work, even if I want to hold as a rental. The seller tells me he got letters from the bank offering to settle for only $90-100k.
Is there anything I can do here? Property is in the redemption period, so buyer has the right to buy it back.
My thoughts are that if he had called before the sheriff sale, we could work something out, maybe a short sale, or assume the mortgage. Now, I'd need a new mortgage, and I don't think the bank would work with me for a short sale. Without the price drop to $90-100k, I'll have to walk.
Can I talk to a bank rep and see what they're willing to do? Would there be any point in calling the law firm that handled the bank's interests at the short sale?