Home Buying in 44116>Question Details

Lsjosiemom, Home Buyer in 44116

We are interested in a home that is scheduled to be sold at sheriff's auction in two weeks.

Asked by Lsjosiemom, 44116 Tue Jul 14, 2009

We saw the home with the listing agent today, who told us there is an offer in on it, but the short sale has not yet been approved my the bank (who happens to be our bank as well). The financing for the other offer does not come from our bank. My question is, do you think that we may be successful with a comparable offer given that our financing would be through the bank that holds the mortgage that is in default? Does that make sense? In our train of thought, they stand to make much more money in the long run from us than the other offer. Thanks.

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If the seller has not been granted an extension for the sherrif sale, and their short sale is not approved as of yet, it won't be prior to auction. It will be available for sale again in a few months once the bank purchases it back.
0 votes Thank Flag Link Thu Jul 16, 2009
Hi -
As a potential Buyer, your interests may be better served by having your own AGENT representing you.
Realisticly, your bank is probably less concerned about getting another mortgage deal than moving this property at the Highest price, in the least amount of time to the best qualified Buyer.
If you are interested in this home, You need to submit an OFFER to the bank through a realtor. You may wish to use the Listing agent OR choose one that is WORKING FOR YOU!
If I can be of assistance to you, please call me at 440-487-2193 or e-mail me at John@CallRealtorJohn.com

Best of luck,
John Wirsing
E-PRO Realtor
0 votes Thank Flag Link Wed Jul 15, 2009
Ls calling the lender will not help unless you have a letter of permission from the current owner of the property to talk to them. The REO department is not the department that you would want to talk to as a short sale is not lender owned yet. The loss mitigation department is normally the people to go to and you will not get any help from them. On a short sale the sale may or may not be approved buy the lender but all they are worried about is the botttom line. where you are getting your loan from is not material to them at this point they just want to see the propertry sold at an acceptable price.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Wed Jul 15, 2009
It depends on the bank. Call the bank and ask for the REO department,and a person in management. They can tell you. Some banks just want it gone,smaller banks will talk too you ... check these guys for help http://www.youtube.com/watch?v=N0qOSDwejVY
0 votes Thank Flag Link Tue Jul 14, 2009
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