I live in Texas. I recently had a call back from some letters that my wife and I sent to some pre-foreclosures. The auction is on February 2nd. We planned a meeting with the seller tomorrow. Here's the catch: I looked on HAR to get some comps and the property is currently listed as a short sale. Spoke with my agent and they said that the seller has no option now. The bank has all control as it is a short sale. To make matters worse, the sellers agent is very difficult to deal with, and the seller does not get along with them at all. Not sure when the listing contract is up either. What are some of the options I have besides submitting a market value offer to the bank? Thank you all!
A short sale is it, period....or buy at the auction....or buy as a REO if the bank takes it back at auction. Nothing else, prior to the auction.
Work with the agent and put an offer in as a short sale. See what happens.
The nice thing about having it listed as a short sale means that you can go view the property which isn't always available prior to auction.
As @Wayne Brooks said, you have 3 opportunities to acquire this property. Work all of them:
- While listed as a short sale
- At the auction
- As an REO if the bank buys it back