I had a contract on a house that was in a "short sale" process, the bank foreclosed on the property, how can I make the bank an offer to on

Asked by Lola, 90045 Mon Mar 8, 2010

this property?

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5
Daryl & Brig…, Agent, Garden City, KS
Mon Mar 8, 2010
Option 1. You can wait until after the redemption period (6months in MI.) it will be listed with an REO listing agent.
Option2. You can find out when the sheriff sale will take place, then go to the county court house/ or wherever it is held where you are and bid on the property. If you win the bid you will have to wait until the redemption period is over, if the previous owner does not redeem the property you will be able to take possession of it then.
Option 3. After the sheriff sale you can go directly to the bank and make an offer to purchase "The Paper". This is usually only done with cash offers though. Once you purchase the "Right of the property/ or Paper" you will still need to wait until the redemption period is over to take possession. If the owner redeems the property you will be refunded your money.
Option 4. After sheriff sale you can contact bank let them know your interests, make them an offer to purchase before it is listed with REO listing agent, you can use a buyers agent for this step to coordinate the transaction. Usually this is an option if it is a smaller local bank who owns the property.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 8, 2010
Your agent can best advise you on the next step-- you were in contract and in the middle of the short sale, you may also wish to consult with an attorney who specializes in real estate and check out your options--most professionals do offer a free consultation.
0 votes
John & Sarena…, , California
Mon Mar 8, 2010
Hi Lola,

If the property was a short sale and the bank foreclosed on it you can co go the court house an bid on the property at the trustee sale or you can wait for it become an REO which will probably take 6 months and purchase the property that way.

John & Sarena Villaescusa
Keller Williams Realty
Owner/Realtor/Broker
Cell: 562-818-2671
Email: Johnv@kw.com
Website: http://www.VGroupHomes.com
Web Reference:  http://www.VGroupHomes.com
0 votes
Richard Schu…, Agent, Los Angeles, CA
Mon Mar 8, 2010
The only way a bank will accept an offer is if the property is publicly listed on the MLS, and the offer is submitted according to their guidelines. There is no way to contact them outside this process. If you need help from an experienced REO buyer's agent, who is comfortable navigating the bank process, feel free to contact me at 310-482-0173.

Richard Schulman
REALTOR
#1 Listing and Selling Agent
Keller Williams Westside Realty
schulmanrd@yahoo.com
0 votes
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Mon Mar 8, 2010
I believe you will have to wait until it goes back on the market. However, you can contact the listing agent and find out any info that you can. Not too sure if they will know but it may be a start. You very well will get many other pieces of advice that know better.
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