Does Anybody Know The Answer To This?
Hi, I have been dealing with a Short-sale on a house and its an 80/20. I didnt get this deal until 2 weeks before th sale and they wouldnt postpone. I am willing to payoff the first in full with fees. The house went to auction today and i live in CT where there is a 30 day redemption. the owner is willing to do anyting i can. My idea was to try to work something in the redemption period. Now, my question is, can i still short the second mortgage at this point after the sale has taken place. Obviously they will take anything at this point. Is this possible and has anybody ever done this!??? Any help/advice would be great.
thanks a lot, Ryan
I see no reason why you cannot negotiate with the second.
okay ill see what they say. ill let you know how it turns out. this might be my new niche
Are you getting counter offers? Are people bidding more than you? Are you offering cash to purchase? If they dont accept your offer, then move on. After about 3-4 weeks and the house is still available, send your offer again. Repeat this until you get the contract or they sell the property. You may even offer less after 8 weeks to really get their attention.
JDiddy,
I looked into REOs in Gwinnett County, GA and found that almost all REOs that were listed from 50-125k were sold at or near asking price. In other words if you bid a full asking price you would only stand a 96% chance of getting the property. There are so many people out there looking for a deal. You need to bid early if you think you can make money on the deal.
Are you showing proof of funds when you make your offers?
[addsig]
Here I have seen a bunch of deals where the bank was trying to make money (asking > foreclosure price).
Have you tried cutting out the middle man and going direct to the lender?
Maybe the broker is the bottle neck.
IMHO?....
In My Humble Opinion or IMNSHO In My not so Humble Opinion
thank you for your help. So it sounds as though if the shortsale is approved, I can get escrow agents and title to do the transaction to close at the same time so the money flows from the end buyer to me and then to the shortsale bank. It all happens in escrow. Is this duable? Have you seen it done. It seems to me there are not a lot of experience in this area or at least information that is easy to access this. Is a big secret or a big no....no???? Thank you again!
have you planned for the short sale disclosure to seller that is required in CA?
I have also been told that CA title companies will no do simultaneous closing. I have never tried.
There also a timing problem. What will you do if you agree to a 30-day escrow w/ the end buyer, but to negotiate the SS takes longer than that?