Foreclosure in 92069>Question Details

Kimbra, Home Buyer in Marietta, GA

WHAT ARE THE OPTIONS FOR A BUYER AFTER A SHORT SALE BECOME A FORECLOSURE?

Asked by Kimbra, Marietta, GA Thu May 6, 2010

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Justin Brennan -Brennan Real Estate’s answer
Hello Kimbra,
I am an asset manager and get calls from homeowners all the time wondering what happened because they thought they were going to get a short sale. The reality is that the left hand does not talk to the right hand at the bank which is why the home was foreclosed on. Your options are as follows
1) Stay in the home and let them evict you - 90 days
2) negotiate a relo assistance package for a couple thousand dollars depending on your home value - 14-30 days
3) get an attorney and try and rescind the FC sale... not likely, but it has happened

for more info you can go to my website at http://www.TheLaJollaLife.com
0 votes Thank Flag Link Thu May 6, 2010
strong point from bill & don. In this case, REO may be the way to go :-)

make sure your agent is on the ball, and discuss with a couple of lenders to ensure ability to fund it.

regards,

http://www.corfnet.net
Web Reference: http://www.corfnet.net
0 votes Thank Flag Link Thu May 6, 2010
If it has already been foreclosed, your contract for teh short sale is dead. You will need to contact the person who teh house gets assigned to. You will need to do one of two things, if the house is empty tape your name and contact information on the door for teh agent who the house gets assigned to, to contact you. You may also want to check thehouse dailoy as when it does get assigned they will post their contact infomation on the property. You will need to make a new offer on the property. Make sure your pre approval is in place. Good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu May 6, 2010
Bill's correct. It's often easier to purchase a property from the bank (as an REO, post-foreclosure) than it is to work through the whole short sale process. And sometimes you can even buy it for less.

What you have to do is wait for the foreclosure to occur, then for the bank to put it back on the market.

Make sure your Realtor regularly monitors the status of the property so that you'll know when it's back on the market and you can make an offer.

Hope that helps.
0 votes Thank Flag Link Thu May 6, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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Yipee kiyoo kiyea.....yeee haw!!!

As a buyer, your life just became much easier....the purchase process is much clearer and simpler with the bank as the clear owner of the property.

Find an agent and place an offer!

Good luck

Bill
0 votes Thank Flag Link Thu May 6, 2010
You said AFTER --- so it's already foreclosed?

Your current contract is no longer in force once the ownership has reverted to the bank.

If you are still interested in the house, you can wait until it is listed for sale and submit a new offer. Or set your sights elsewhere.

As you now know, there are no guarantees in a short sale. So don't pin all your hopes on short sales. Keep your options open, and continue to look.
0 votes Thank Flag Link Thu May 6, 2010
If its the same property? CASH
Web Reference: http://www.SearchSDMLS.com
0 votes Thank Flag Link Thu May 6, 2010
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