SS After Auction?
Can a SS be worked in the redemption period?
I met the seller that has 65K mtg1 and 25k mtg2; home needs abt 5K in work and will be worth 130K. I checked later that it was went to auction and now is REO. The owner said he was told to move out by Nov end. Can i still short the second? Or just wait for the lender to list it and offer about 70K (first mtg amount)?
The property went to auction a week ago and the online county record showed the result of sale as REO
The online county record probably shows the amount the lender bid at the auction, which may have been a low bid to start with. The actual cost to the lender is higher than the amount of the loan that was foreclosed and may not be reflected in the "purchase" price at the auction.
even though it is illegal for lenders to dictate commission (look up tortious interferance with a contract) lenders do it anyways.
CW will allow 6% if offer is above bpo, 5% if under, and 4% for dual agency