From short sale to pre foreclosure auction

[Victoria Dransoff]

Good Afternoon, A few months ago I found a local property for sale listed at 49k-short sale. I offered 45k the owner accepted, but the bank had to approve the offer too. The bank countered at something ridiculous like 85k and I walked away. The house has been on the market ever since. From time to time I would look at it again wondering what would be an offer the bank would accept. Today I see the property still listed for the same price, but now it shows on Zillow as a pre-foreclosure auction. Is there any chance of stepping back in to this and making a deal with the bank? Victoria

[John Slater]

Hi Victoria.
When trying to buy a short-sale, it’s all about the agent working with the bank and how versed they are. Sure they listed at $49k, but the bank will determine the price based on a bpo. That being said, when submitting he offer, it’s imperative to substantiate your offer. Such as estimate for repairs, comps etc, which essentially is you providing proof to the lender why it’s only worth them accepting $45k.
Do you know the Value of the repairs and value of the house in a repaired condition?
Also. Is the property in Auction stage, or just in pre-foreclosure stage?
Is the agent still listing the property?