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Steve
"Your Foreclosure Specialist"
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- 3 Blog posts
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Steve answered:
Hello Kcamp,
The chances of it getting taken back the bank are quite strong. The chances of it actually selling as a short sale are not that great, especially since it doesn't even have an offer yet. The only way it will be bought by someone other than the bank at the auction is if there is equity in it. However, if the property had equity, then it most likely wouldn't be a short sale. I would say that there's a 90% chance it will end up becoming bank owned. Additionally, banks can take anywhere from 2 weeks (fast) to 3 months (slow) to get the property ready to be sold.
The chances of it getting taken back the bank are quite strong. The chances of it actually selling as a short sale are not that great, especially since it doesn't even have an offer yet. The only way it will be bought by someone other than the bank at the auction is if there is equity in it. However, if the property had equity, then it most likely wouldn't be a short sale. I would say that there's a 90% chance it will end up becoming bank owned. Additionally, banks can take anywhere from 2 weeks (fast) to 3 months (slow) to get the property ready to be sold.
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