No One Bid..will Bank Negotiate Now
The foreclosure bidding took place but no one bid. The opening bid was too high. Now the foreclosng lender gets the property. Has anyone been able to negotiate a sale with the lender after the sale...but before it's taken over by a servicing company/Realtor? :-? [ Edited by shasty on Date 05/31/2004 ]
Not here in N. CA.
All the reos go thru brokers, rather than direct to gys, which I think is lame.
Did you consider a SS?
It is LAME since it will be 3 - 6 months before the property will be back on the market...usually at retail prices less estimated repairs. I haven't considered a short sale. Are you suggesting a short sale is possibility before the 10 day redemption period is up? I'm game! I assume my next step is to contact thepresent owner (mortgagor) to see if they will go along with it and sign the release forms, huh?
Shasty,
If the opening bid is too high to be resonable for your investing goals, I would simply move on to the next property. The longer you hold on and reach for a property that might not suit you, the greater chance you have of missing other better properties. Unless you were planning on living in this property and are emotionally attached to it. Each bank has their own terms and some may get it out on the market faster than others depending on their policies. If it will be listed in 3-6 months for sale, and you will be going after it, always always offer the bank as low of a price you can. Forget about what it's listing for. If you know how much they paid for it (opening bid) you know you can make them an offer for the same amount. (If a bank is desperate enough to get rid of it, you can even offer them less weather they take it or not is a different story.)
Have you actually talked to the lender? Or the attny that handled the foreclosure for them?
First step.. If you can get to someone, talk to the lender and if you have too go up the chain at the lender... You never know, once in a while you can get lucky...
Good Luck