getting the deed &short sale - Posted by dale-ohio

Posted by dale-ohio on May 29, 2004 at 13:26:27:

won’t the bank stop the auction if it is going to go to short sale?

getting the deed &short sale - Posted by dale-ohio

Posted by dale-ohio on May 29, 2004 at 11:14:05:

Hi, i have two potential houses that are going to auction in 2 weeks. both are willing to do a short sale. I have never done one and am slightly freaked out about it. if i can’t sell them i heard if the houses go to auction the owner gets the amount of money left over from the auction proceeds if the bank covers the amount owed to them. (if there are any). is this true? and does the houses ever auction off more then the loan is worth? And last, how does the bank know who owns the house or does it go to the person that has the mortgage. thanks i hope this was not to confusing

Short Sale - Posted by JT-IN

Posted by JT-IN on May 29, 2004 at 13:55:36:


Sounds like you are negotiating the short sale with the lender, then shopping for a buyer to close the deal…? Unless you can demonstrate the ability to close within 30 days, you may not have a lender willing to pull the property from the sheriff sale, on your if-come deal here…

In Ohio, foreclosure laws are standardized but you find lots of variation from county to county as to implementation of those laws. One county will do something one way, and another county will do the opposite… so you should check with the county’s clerk of courts for the answer to the question on overage distribution. You will find it one of two ways… the owner of record at the time of the complaint filing, and also the owner of record at the time of the sale… Either way, one or the other will have to make a claim to the clerk of courts to receive the overage payment. Overbides are rare, but they do happen… expecially in todays auction environment, as there are lots of people bidding at sheriff sale, and not all of them really know what they are doing…

It is not up to the bank to know or care who onws the house, once there is a sheriff sale… The responsibility then falls on the clerk of courts to determine who, what and how much, at that point…


Re: getting the deed &short sale - Posted by luke-NC

Posted by luke-NC on May 29, 2004 at 13:26:21:

2 weeks is PLENTY of time…you have to have your team in place tho…
the bank does not know who owns the house, nor do they care in this instance…if you can get their money to them in a reasonable amount of time, they will take it.

I don’t know how many shorts i’ve done where the sale was in a week or less and the lender postponed the sale just to process the short…but its been quite a few…

Re: getting the deed &short sale - Posted by TheShortSalePro

Posted by TheShortSalePro on May 29, 2004 at 12:07:24:

Two weeks isn’t much time to structure, apply for, and get short sale approval.

In my neck of the woods, if a property is exposed to a forced, public foreclosure sale, and bids exceed amounts owed, plus costs of sale, the former homeowner is entitled to the excess. Foreclosure laws and customs vary. Check with your local clerk.

If bids do not reach the judgment amount, or the minimum bid acceptable to the Plaintiff, the Plaintiff (mortgagee) would ‘take back’ the house. There may be right of redemption in your area… so check on that, too.

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Re: getting the deed &short sale - Posted by Daniel_NC

Posted by Daniel_NC on May 31, 2004 at 19:41:47:

In your deals where the banks postponed the ss with a week or less…do you have an agreed upon price with them at that point or do they simply have your pkg in hand?
I’ve had a couple banks recently say “not enough time” to process with 2 weeks left. I sent them my pkg but they said minimum 30 days to process. I asked them to postpone but no deal.

BTW: I’m in western foothills of NC…where are you?


Re: getting the deed &short sale - Posted by Ron M

Posted by Ron M on May 30, 2004 at 12:56:15:

Hi Dale,

I just got a signed around P&S on a property going to auction on June 18th. Seller was asking retail of $104,950, but in present condition property worth only about $94,900. Principle balance on loan $87,000, bank fees etc brings total up to $99,300. Seller signed with me at $61,000. They haven’t made a payment in 12 months. Can you tell me, is there anything I can do to “sell” my offer to the lender?

I went ahead and had a realtor from RE/MAX write up the offer so that my wife and I might appear as just a couple looking to buy a home, and not real estate investors.

Any advice you can give would be appreciated. This is my first short-sale offer, and while I don’t really expect the bank to go for it, I am looking to stack the deck in my favor as much as possible. Also, am looking to learn by doing. Any advice would be greatly appreciated.

Ron M (WA)