I had a short sale listed where the lender would not agree to go for less than 72,000.00 net. After they had the deed in their name they listed it 34,000.00! so be ready.
Normally, the owner, if they turn the deed over to their lender, something know as a "deed in lieu of forclosure" does not go through the forclosure process.
If forclosure has just started it may take 18 months or more for the property to come up on sheriff sale if your county is running like the ones in S.W. Ohio. After the lender excersises their judgement rights and reclaims the property by bidding up to the judgement amount at sheriff sale it may take a few more months before they put the home on the market.
I am glad you found a home you like and are willing to be patient because that, patience, is what is called for now.
You may also want to look at other properties because the one you like will not be in the same condition when it comes on the market as you last saw it.
"Nikki what you should have done is to find out how much the lender wanted to let the property go as a short sale and bought it."
Unfortunately, banks will not always tell you this and sometimes they don't even know. It may have never made it that far in the process. Also, the asking price on a short-sale may be close to what the agent thinks the bank wants or it may be way off. Many times the bank comes back and asks for a lot more money because the house is priced too low, in their opinion.
Thank you for your help.
It is a "deed in lieu of foreclosure", that is what the Realtor told us.
What do you mean it does not go through the foreclosure process? What kind of process would it go through?
We will have a lot more money in 18 months, so if It does take that long it would be okay, unless we find something we like more before that.
You are right, we should have. Although we only had a certain amount to spend and we wanted to try to negotiate with them. Doing what you said would have saved us time and worries though.
Thank you, Please respond at your earliest convenience.
Thank you for your response. I don't know very much about buying homes, and barely know what your asking me. My husband and I decided to wait until It goes back on the market then put in the same offer as before.
Although If you have any advice on how much we should offer or any info that would help, we would greatly appreciate it.
Thank you so much!!
The address website is attached.