My experience has been that the bank will not short the sale after they have foreclosed. In fact, I have not even been able to get them to sell it to me through their REO department. I have always been referred to the REO Company managing the property and from there to the agent getting ready to list it. Not saying you can’t get it done. I would call the Loss Mitigation rep who was managing the deal and ask for the REO rep and go from there. I do know that Joe Kaiser has a course out called “Mitigate This”, it’s a good course, I just have not perfected the play such that the bank has been willing to sell it to me.
Short Sales in the Redemption Period - Posted by Tracey
Posted by Tracey on November 14, 2006 at 15:36:47:
I have a question regarding short sales in the redemption period. If a trustee sale has been completed but very little time has elasped for the bank to make any major decisons regarding the property, (1) can a person still short sale and (2) now that the homeowner is no-longer the "owner of the property because it is technically an REO) do you still have to get the homeowners permission and authorization to do business with the bank? Can you simply call the trustee or the lender and tell them you are interested in short saling the property?