Short sale after sheriff's sale?
Some people contacted me after their sheriff's sale (about 40 days after and have a 6 mth redemption period) wanting me to help them. They owe 110k on their mortgage plus about 9k in charges. The house is worth around 130k. The house needs little in repairs, from what they say. I'm going to see the house today.
They have a real hardship - medical problems ending in loss of jobs (she has to take care of him at home) and want out before their credit is ruined. They want to downsize and have some cash for the move but not enough to save the present home.
Is there a chance the bank will short sale?[ Edited by Karen on Date 03/07/2003 ]
There might be a chance. When you visit the house, bring a camera and photograph each and every defect or area in need of repairs, especially in the basement. Document any adverse conditions. Ask about any problems.
This might be your best opportunity to inspect.
As with any short sale opportunity, it's important to denegrate the subject's value... and increase the mortgagee's exposure to risk.
I'm still working on this deal. The people listed with a real estate agent for four weeks because the agent "promised" she could sell the house in three weeks. They listed for 125k. It didn't sell. They called me when the listing was up.
My question...how much discount should I ask for the short sale? They received a statement around the first of March saying that 108k would take care of the debt. The house is in good shape - it's the people who are in distress. I could take pictures of a few rather minor things but there just isn't anything major to repair.