Short Sale Denied--going To Auction--I'm Bidding
Short sale with Option One was denied. kind of a wierd situation with a rural property but Option One did have a lot of $$$ on the table. Anyway the house is going to auction december 3 and the owners will assign their rights of redemption to me.
I've only gone to tax foreclosures and noticed the biddres bidding way too high for the property. Been told that on mortgage foreclosures rarely does anyone even show up except for the lender. Has anyone gone to a mortgage foreclosure that they originally tried to acquire via short sale?
If so, were you able to get a good deal? 
Let's assume that their heads will still be where the sun don't shine...on the day of the auction, and they take back the property as an REO (no point in redeeming since the redemption would have to be for the full amount)
If your proposal was based in reality... meaning credible numbers, reliable market data, etc., ...then essentially the same proposal can be used in your Offer to Purchase the REO.
Thanks SSP. I'll let you know how it shakes out. Happy Turkey Day!
Jim