While it never hurts to ask the question, it is doubtful that the Bank is going to take much of a hit here. You can certainly see why… they ride this out for a short time and they will stand to make money as opposed to lose money.
They may be agreeable to some discount to accomodate the finality of a sale and the time issue of ending the ordeal now, versus 6 or 8 months from now, but again… not much of a discount. So, your numbers that you are hopeful of most likely will not work out, but it never hurts to ask… Old saying is, the worst thing that they can say is NO… but maybe they surprise you and say YES… or almost YES, by a reasonable counter to your number.
Investors with experience, whats the chances of getting the bank to agree to a ‘short sale’ during the redemption period? How about this deal? House is foreclosed. House is now vacant and condemned. Nice long ‘grocery list’ of problems. The house went back to bank for $43,000. They haven’t written a ‘notice of abandonment’ yet. Redemption ends in April. With $15,000 in repairs the house will be worth $70,000. Investor wisdom would be don’t pay over 34,000. With its condition I was thinking $24k. Would this tick off the lenders too much? I think it could be a heck of a deal. Thanks for any input.
Adrian
