Richmond Magazine put out a great Neighborhood Guide, in which 120 neighborhoods were analyzed to determine which ones are offering the ideal combination of healthy prices, robust sales numbers and quick
It depends on the bank and investor tied to the loan/property. When a short sale is being considered, the bank wants to ensure that it is a arms length transaction (no fraud). Once the propety has been foreclosed, the origninal owner is no longer involved in the transaction and deal is between the bank and the new buyer ( the mortgagor has no involvement in the deal).
The bank may have a issue about a relative purchasing the property but I do not think so. The bank will want to get most out of the property and is focused on that. The highest and cleanest offer usually wins.
First Weber Group
Certified Distressed Property Expert