The owner of the property is in the military and the house went back to the bank bc nobody bid at the sheriff's sale. The bank bid was 25k. The deficiencies were around 125k.
Obviously I'm new to foreclosures but, from what I understand, the owner still had the opportunity to get this property back during the redemption period.
I wrote the owner and told the owner I was interested in buying the house. If he agrees, can I buy it at just above the bank bid with a short sale or would it be with the deficiencies included?
I'm trying to get this property before the redemption period expires.
Sounds like a great strategy Al. I don't know the answer but am interested in finding out too.
Not familiar with your state redemption periods. But, if the bank would consider a short sale during this period they'll be looking for something near current value. The bid amounts, or outstanding mortgage balance, at the auction are irrelevant
If you want it, you'll have to pay the loan off. I've not heard of a lender negotiating a short sale post sale, during redemption.
@Ron Scribner bummer. I was looking to get a monster of a deal
Interesting that no one bid against the bank, was it just the mortgage or were the taxes behind also? In an auction on a foreclosure by lender, typically the bank bid is the outstanding balance.
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