Marketing Foreclosure
Short Sale becomes Foreclosure- how long until it is relisted?
My husband and I live in Michigan. We are really in love with this house- we were just about to put the offer in (it was under short sale) and now they said it is off the market- because it is foreclosing. I am wondering usually how long it will take to come back on the market as a foreclosure where we can put our offer in. Also, will the price be less now than it was when it was a short sale?
Thanks!
The banks will review a possible workout, including a Short Sale, while the property is in the foreclosure process. They (the banks) would rather have the house sell than spend the money to foreclose and then maintain the house after the foreclosure.
Contact the person who lives there if they currently have the note and make an offer. You cannot approach their servicer with the offer because you are not authorized to discuss the account and the bank cannot and will not sell the property out from under the seller before the foreclosure takes place. Make sure it’s a reasonable offer (fair market value for the neighborhood, 80% or more of the principle balance, etc). Then the seller would need to provide the purchase offer, sellers agreemement, MLS listing, proof of buyer funds (i.e. that you can buy the house), a hardship letter and bank statements/paystubs, and the anticipated close date. When all of this is presented to the loan servicer they’ll put it under Short Sale review, go over everything and present to the investor for Short Sale approval (unless it’s a rediculously low offer – which will be declined). Once all the above information is presented the process will take approximately 45 to 80 days for an approval or declination. A Short Sale offer will NOT stop a foreclosure that is scheduled to take place in less than 2 weeks – but if the offer is made 1 or 2 months before the scheduled sale date and is a reasonable offer, the foreclosure sale should be postponed.
If there isn’t enough time, you can go to the location the foreclosure auction is on the date it’s scheduled and make a bid there. You’ll want to contact a foreclosure attorney to find out what you want to have available if you make a bid on it at the auction. Some states want the money then, some by the end of business – same day, some may be a few days later. If this is the option you take, you’ll want to make sure that you’re prepared with all required information the day of the auction.
Good Luck
Real Estate Marketing – Foreclosures, Loan Modifications and Government Bailout Plans – Part 3
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