What's The Next Step Or Is There A Next Step? Please Help
My husband and I were trying to buy a property for ourselves. Mid stream, the house did not appraise for what we anticipated.
We decided to see if the mortgage company would accept a short sale. When we got all the information together and submitted the packet the mortgage company had already sent the house to sale.
When we called to follow up on the short sale packet is when we found out about the sale.
We contacted the attorney and the price of the house with expenses have exceeded our offer price by about $9,000. We have been told by the attorney's office the opening bid started at $175,000.
The house only appraised for $170,000
They recommended that we wait the redemption period out (April 04) and then wait until their REO dept puts it on the market.
The homeowners have moved to Arizonia and could care less about redeeming the property. They can't afford it and there is also a realtor involved.
Help??? Is there a next step???? 
Hi yawalker,
There may not be a lot of potential in this deal. When the REO goes on the market, it will likely be listed with a realtor at market price. The bank is not likely to take a big discount once it has taken it back as a REO.
This was a good practice property for you though, go out and do it again!
Best of Success!
BAMZ