I have a short sale listing with ocwen. The owner said they have a hearing tomorrow, Thursday and it will be pretty much over and done with and on to foreclosure. I'm pretty sure I have an investor who would offer 60% or so of market value or. I think her outstanding amount is 130k + or somewhere in there. Is there any chance of haulting the proceedings or is there a contact that I can speak with or try to speak with, that might be able to entertain a an offer. Refurbished the home should sale for 110k or so.
Also, if we do lose it, is there any chance or contact I cuold pursue in order to try to get the listing? Never had a foreclosure listing and would love to get my foot in the door. I've heard of it happening in these situations. Thanks for any advice.
Without knowing what kind of hearing is set, it's hard to guess. If it's a summary judgement hearing, it's still possible but more difficult. As for an offer, if you allowed the owner to accept an offer of 60% FMV, you would be extremely negligent as you would be tying the property up for an offer that has no chance of being approved by the bank. You would essentially be denying the owner the chance to do a short sale and forcing them to an auction.
An offer of 60% of FMV is never going to be approved. Even with bank owned I can never figure out how people think that the bank will ever accept that. Banks/lenders are in the business to make money and they have no motivation to help investors make the money that they could recoup themselves. This is not a hard concept to understand.
Amen Sister! I hear this all the time from investors. It is so funny! Can they not understand that the Lender/Investor wants at least 88% of the FMV. You are so right, this is not a hard concept to understand.