Trying For A SS In Redemption Period
The house has a month until the redemption period is up. At the sheriffs sale the bank bought it back for 10k less than what the lein plus expenses( the house was only worth 10k more than lein plus expenses). What I'm thinking is that the bank was hoping someone else would buy it at sale. The bank is J B Morgan. What I'm wondering if anyone has worked with J B Morgan? Do you think they might be willing to ss because they bought it back for less? House is nice, little repair. Wondering if J B Morgan would be willing to take as much as 10k more off, this would mean a 20k loss for them. To the experts how do you figure on how much to try to get banks to short? Thanks to anyone who answers.
Understand that the lender can not sell the subject property till after the right of redemption period is up!
The best way to know if the lender will be willing to consider a short sale is by communicating with them first.
A lot of factors go into a short sale that is successful.
My 1st question as an investor would be since the bank had to buy it back for less than they had invested what would make this a good deal for me?
I have found that in doing a short sale; lenders seem to get a little uneasy when they start taking hits over 20k.
[addsig]