Scott

I am still trying to learn all the details but the assessed value from the county is about 240K. Based on other homes selling in the past year in the area plus the repairs I am aware it needs...I would estimate the market value closer to the 205K-215K range (similar to previous known offer). However, the payoff is 227K which is more than I would be willing to pay. The appraised value from the auction ad is only 200K (not sure what this number means). I am not necessarily looking to get some "great" deal on it, but like the house more than what else is available....am also already emotionally spent by the house search process...

At this point I think my options are limited now with this house which would include 1) give up and move on; 2) try to halt the the process with a short sale and rush to try to find a new agent in my area who specializes in foreclusres who may have some contacts at Countrywide (doubtful); 3) try to bid for it on auction; 4) allow the bank to buy it back at auction and take my chances that I could get it as an REO later

Questions:
1) Auction: Can I get financing? In OK need just 10% cashier's check within 1st 24 hours if you are the winning bidder (I can cover this) but the remainding 90% apparently within the next 2-4 weeks (would need a loan). Would the bank just be willing to buy it back for the payoff of 227K and not necessarily market value/their BPO? (this is what I have read happens in other states (especially those that dpn't allow deficiency judgements against the borrower)...then the auction would just be a waste of my time as I wont pay that much...). Would I be responsible for other leans/mortgages on the house (there appear to be possibly several pricey leans including 10K hospital bill) or should they be wiped out through the auction process? I am aware the auction is the risky way to obtain this house as I dont know what else may be wrong with it and if the owner may not try to sabotage it...

2)Short sale: Would it even be possible at this point to stop the auction with a proposed short sale offer this late in the game and the lender being Countrywide? (I dont think the owner has made any payments in quite a while (my realtor told me 4 years but that seems impossible to me) so I don't know if they would want to work with him in a short sale anyway.) I would have to get a new realtor with experience in short sales and so would have to pretty much fire my previous realtor. Is this even possible (I did not sign a buyer's agreement and found the home in question by myself and then let her get involved with it)?

3) Post-auction: How likely would it really be to really be able to possibly get this post-auction before it is officially listed as an REO and have other potential bidders?

...Sorry for the long post...any comments/answers/suggestions would be appreciated...thanks - Sun Jul 20 2008, 10:05