1) IT IS ILLEGAL TO DO THIS! Maybe the caps thing was too harsh, but I seriously get asked this question all the time from my clients since my broker actively invests in real estate too. Talk about big trouble I wouldn't touch it with a ten foot pole.
2) I almost wonder if you agreed to postpone the sheriff sale in order to do a workout with BOA and now you have a shortened 5-week redemption period? Where you are at in the redemption period is pretty important on what options you have.
3) I am attaching Fannie Mae's website as a resource to you. It might be too late on any of the options but if you no someone else in need of help this is the resource you should have gone to 18 months ago. Any of us on this forum that do short sales has a lot of experience with BoA. They are one of the worst banks to work with. Too bad you didn't seek our help sooner but it is what it is.
I live just up 694 in Vadnais Heights so we are practically neighbors. If you want to ask me any professional advice just let me know.
Where are you in the redemption period? Do you have an idea how much you are behind dollar wise? If you want to keep your home a short sale would probably not be the answer. But not sure what kind of deal an investor could structure in a short time frame.
Could you give more details?
You need to be liscensed in the state of MN to conduct short sales for a fee and for another. I checked the commerce website and didn't find a liscense for either you or your company. Be careful in how you advertise your services (all 50 states).
Coldwell Banker Burnet
To redeem your property, you would have to pay BOA what they paid at the foreclosure auction plus court costs. And in most situations, the lender bids what was owed on the mortgage - which almost always exceeds the value of the property.
No lender will be willing to buy your home if the cost would exceed the current property value.
My advice is save for the next six months and plan on moving out at the end of redemption. If you're lucky, BOA will give you a 'cash for keys' offer at the end of redemption (they pay you to leave). But there's no guarantee and you don't want a foreclosure on your civil record.
From here, you need to seek the advice of a good agent who deals with alot of investors. Let me know if you need some help and I'll try to connect you with agents who do this type of thing.