Courthouse Sale
I am attempting a short sale on a property, which the bank is likely to decline. Though in very poor condition, they may not do the short because I cannot prove the sellers lack of income.
So I am thinking that if the property goes to auction, I might be interested in purchasing it there.
(The reason why I keep hanging onto hope on this one is because at that price I would likely net at least 50K - but I can move on if necessary...)
The bank will try to get at the very least the principal balance of 101K, right?
But the property is covered in mold & most of the intererior is deteriorated.
So do I have a chance, by bringing my bad pictures to the auction & my 10-13K cash, to get them to take that instead?
Or is this pretty much a pipe dream?[ Edited by nwms on Date 07/20/2004 ]
What you should do is to bring your pictures of the moldy house and show them to the people bidding on the house, and at the same time hand out cards showing you are an attorney who represents the rentor(?) tell anyone bidding you will name them as a coconspirator to the degridation of the home. Then when it goes REO call the bank and try to buy it.
Rarely will a bank discount a property at the auction. I don't know where you are or the RE market in your area. However, you probable are not the only one wanting to make $50k on the house. The pictures will not help at the auction.
Good luck