Offer put in on a short sale...redemption period is up in three weeks, Pre-negotiated by previous offer.

Asked by Natalie, Cottage Grove, OR Sun Dec 13, 2009

My husband and I put an offer in on a short sale last Thursday, We have three weeks to get everything done and close. The bank is looking over our paperwork and it was already Pre-Negotiated by a previous Offer. They lost interest and didn't want to buy the house by the time the offer was accepted. So my question is....Being that we already put the offer in and the Redemption period us up in three weeks we are all trying to get everything done in time, If we go past the Redemption period will they still let us buy the house or will it be done and over with and go into foreclosure? HELP!!

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Chris Block, , Saint Paul, MN
Mon May 16, 2011
I would think that if you are anything but cash buyers then your loan officer would have told you there is no way you could close in time. So, that would be the first question otherwise I don't see it happening.

But there are ways to extend the redemption perioud by one week and I have done it on some of my other deals. So, if it makes sense you will then have 4 weeks and it maybe possible.

Otherwise like everyone else is saying you will have to wait until it becomes an REO listing and then just work directly with the lender.

Good luck

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Tom Ott, Agent, Woodbury, MN
Sun May 15, 2011
Everything is negotiable, it needs to be in the banks best interest and somebody needs to take your offer to someone who can make a decision quick. Every bank is different and things still remain in flux. If you are making a good offer the bank's best interest is to sell it to you fast. Really depends on the bank and the listing agent.
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Kent Asleson, , 55014
Wed Dec 30, 2009
Natalie, typically you will not be able to purchase the home once the Redemption period is over. You may able to pursue the again after the home is re-listed. This could take some time, usually after the Redemption period ends the new listing broker has already been selected. You may be able to check the home for any signs posted that may indicate who the new listing broker is, you can then have your agent contact them and keep you in the loop on when the home may come back on the market. That will probably be your best bet, I am assuming your offer is not a cash offer. I hope it works out for you.
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Steve Cotten, , Apple Valley, MN
Sun Dec 13, 2009
Natalie, you are correct. If you don't close by the end of the redemption period you will not be able to purchase it short sale. However, if you are able to wait until the bank puts the home back on the market you can purchase it then. In many cases the short sale listing agent has already been contacted by the listing agent that the bank will be marketing their home with and can share that information with your agent so that you can be alerted as soon as the home is back on the market.
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Tim Guderian, Agent, Braham, MN
Sun Dec 13, 2009
I will concur with Lenny Frolow. At the end of the redemption period, it is owned by the mortgage company. Many times you can buy it from them at a lower price. However, you may have to wait quite a while while the bank decides when to place this property back on the market. Good luck.
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Lenny Frolov, Agent, Brooklyn Park, MN
Sun Dec 13, 2009
If you cant close by the end of redemption your deal will be dead. Almost never do they work a deal after the redemption period ends.
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CCC, Home Owner, San Diego, CA
Sun Dec 13, 2009
Natalie, ask your Mortgage consultant for an estimate time to close. Part of your answer is in that answer.

Is your offer cash? You might be able to do it.
Is your offer subject to inspection?
FHA or Conventional Mortgage?

Does the Seller has a Short Sale approval , yes or no?
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