Short sales during redemption period
My county does nonjudicial foreclosures with a 6-month redemption period after the Sheriff's sale.
Let's say, the bank is the highest bidder at the auction and the owner has 6 months to redeem. I'm wondering if I could use the process of a short sale within a month or two before the redemption expires (if the owner can't satisfy the balance he owes).
What else can I do during this time?
Thanks.
You could either purchase (from the former owner) the Right of Redemption and position yourself to redeem the property... or, you could enter into a Contract for Sale (short sale) and seek former mortgagee's approval.
If you are serious about acquiring this property, your due diligence should include, but not be limited to a 'present owner' title search; a comprehensive property inspection; and devise a cooperative strategy to relocate the existing occupants....