All Forum Posts by: Dane Fitch

Frank, I own 3 properties in Ohio that are under 30k.  My partner and I used Capwest Mortgage which is a pretty national brand with low fees.  They seemed to have no problem.   Still needed to put down 25 percent, but that's normal for conventional financing.

I am negotiating a short sale in Oregon.  The house almost was foreclosed on, but I intervened.  The negotiation is taking forever.  Lots of waiting on the bank to respond.  I've got a pretty good relationship with the owners who haven't lived in the property for 5 years.

Here is my question, If the bank comes back with a number that I don't like and won't seem to budge, what happens if I purchase the redemption rights from the owner through a bargain and sale deed?  Will I effectively stop the short sale and force the bank to actually foreclose?  Can a bank find another buyer if I effectively own the property?  Am I crazy or is this a terrible strategy?