Can this really happen?
So the SS condo we love we were prepared after months of waiting to let go. We overcame a variety of issues (lower appraisal) but then there were unknown probate issues, and a battle with over a yr of unpaid HOA fees. I even got the advice here a few weeks ago be prepared to let it go, and we are....even started at looking at other options, cancellation contract drawn up yesterday....then today....
My realtor calls (I am the buyer). She said it may still be possible to buy it as a foreclosure, that the bank does not want to "lose us"! Although I cannot remember the exact wording, something about after it becomes a foreclosure, we would be able to buy it, BEFORE they put it as auction (they know we can NOT bid and pay cash). Is this possible? Also, something else I remember her saying, the agents are not involved anymore, more just the attorneys? What does that mean? How does this work? She also does not know for sure IF this can happen, but by next week we will know. It has really been so many ups and downs, and we were/are prepared to walk away, but I still don't fully understand how this can be done? Thanks in advance for any and all helpful feedback,
Lauren
Replies to This Discussion
-
Permalink Reply by Smitty on
-
I haven't heard any way this is possible "before" auction.
If it's before the auction, the seller still owns it unless someone else has bought it. Why aren't the agents involved anymore? Is it not for sale on the open market?
Something doesn't sound right. Whatever they are proposing, get it in writing.
-
Permalink Reply by Lauren O on
-
Hi Smitty! Thanks for replying. I totally agree to get anything in writing, and will be talking to my atty first before anything. When I heard this yesterday, I (and my husband) had the exact same reaction as you, is this right? It also surprised me when I was told that the bank did not want to "lose us" as I didn;t think banks cared about that.
But to answer your question, it is not on the open market anymore, as of now. We submitted our offer in late July, and it took a month later for my earnest check to be cashed and the "sale pending" and "off market" status to show. The bank started communicating with us around Nov, but then a SLEW of issues popped up, and we truly were (and know we may still) have to walk away). Thanks again.
Lauren
-
-
Lauren, it sounds like some kind of miscommunication. Ask them agsain exactly what they mean. "Before the auction", assuming they mean the foreclosure auction, would be a short sale, right where you are now. "After the auction", iether it gets sold to a third party, or the bank takes it back (making it a REO), at the auction. I've never heard of a bank giving an individual preferential treatment on a REO.
-
Permalink Reply by Jeff Payne on
-
It is possible depending on the lender. We have done this a number of times with local or regional lenders. We closed one last month, our buyer had a short sale offer in and the bank foreclosed. I called the bank and told them I have a buyer and we closed as soon as bank took possession
-
-
Good job Jeff!!
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons