attempting to buy a house that has been abandoned. Agent says bank has put house into "short sale" but the owner won't return calls to their agent

Asked by, Crossville, TN Sun Dec 30, 2012

How long before house is foreclosed on so I can buy this house. Made offer to bank but no answer after three weeks. Offer within 86% of appraised value.

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Michael Cheng, Agent, San Jose, CA
Sun Dec 30, 2012
The deal sounds a bit confusing. If it's a short sale, then you'll need the owner to accept your offer and present it to the bank. If you're making an offer to the bank, then you'll need to wait until the foreclosure is complete before you'll get a response. That may take 3-9 months, if you get any response at all.

In any case, if you're offering at 86% of appraised value, I wouldn't expect any response from the bank. You would need to offer at full appraised value or higher to get the bank to fast track their sales process. Anything less will most likely go nowhere.
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