Short Sale After Foreclosure ?
I'm not for sure if this is the right forum for this or not. Although I have been a realtor and investor off and on for many years, I have never dealt with this situation before. Hope someone out there can help.
I have located a house that I would like to purchase. The owner had tried to sell it for many months with no luck and it finally foreclosed. I did not find the property before this happened.
The house is listed with a realtor for $172,000. It is in a 1970's neighborhood. With all the deals in this area right now, buyers are not interested in an older neighborhood unless the house is all fixed up and the buyer is willing to come down on price.
This home needs a lot of work. Even after fix up, I don't think it would sell for more that $155,000.
My question is, is there anything I can do to convince the lender to accept a lower offer ? I figure I could wait while it sits on the market for six months and then make a cash offer, but would appreciate any advice. Thanks so much.
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There is no short sell after foreclosure.
Your situation is no different than any other MLS listed property.
Brenda
You have the right idea. Let the property season and then come in with a low bid and don't accept a counter offer.
Well, the seller is a lender and 99% of the MLS sellers are usually indidviduals.
So, I was looking for ideals on communicating with a lender (big institution), as I do not have experience in that area. I mean there is still a guy at the bank that needs to dump a property at a loss. Right ?
I was hoping some short sale 'tricks of the trade'", bank lingo, would help with this negotiation. Thanks
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