Is This A Short Sale??
Hi! I attended a foreclosue auction last week and there was a house no one bid on. The plaintiff started the bidding with $100 and no one else bid, so the plaintiff ( bank) got it back. The bank's final summary is $95,000 but the house has been trashed and needs LOTS of work. I would like to call the bank and ask if they would accept something like $50,000 but I have never done this before and don't want to sound inexperienced when I call. I think this is considered a short sale. Any suggestions before I call will be appreciated ! THANKS!!
Well no, its not a short sale. But that doesn't mean you can't do it.
A short sale is when the bank agrees to reduce the amount of their mortgage BEFORE the foreclosure in an attempt to avoid the foreclosure process.