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How Can I Best Buy Back My House in Foreclosure? – Michael

I have a family of 4; we are currently renting a house two doors from a house that is in foreclosure. Today is 11/07/2010, and the house survived the first auction has another auction date of 11/23/2010 and is also on the market as a short sale. Through the realtor a short sale offer was just made on the house by a house flipper or investor, Friday 11/06/2010 and submitted to the bank (JP Morgan Chase). I too would like to make a cash offer on the house and I am trying to understand the best approach to get my offer excepted.

My question is; would it do any good to contact the attorney handling the foreclosure to present my cash offer or find out who the trustee is, one has been appointed and work with them, go to the auction on the 23rd, present my offer to the realtor for a short sale or even try and contact the bank directly with my cash offer?
Also would like to know if an offer of a short sale stops the auction?

Thank you for any assistance you can provide.

Michael




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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • I believe if the bank wants to accept the short sale offer, then they can stop the foreclosure. Contact a sharp realtor. You don’t pay the costs for a realtor, the bank does. You might have to speak to several to find one who will help you, but some of them know how to get the offer to the right people. If you have enough cash to buy it, they can also help you find short sales, which are less “messy” legally and can be every bit as quick. Mostly, short sales ONLY go to people who have cash, that’s part of what is driving the prices down.

  • I believe if the bank wants to accept the short sale offer, then they can stop the foreclosure. Contact a sharp realtor. You don’t pay the costs for a realtor, the bank does. You might have to speak to several to find one who will help you, but some of them know how to get the offer to the right people. If you have enough cash to buy it, they can also help you find short sales, which are less “messy” legally and can be every bit as quick. Mostly, short sales ONLY go to people who have cash, that’s part of what is driving the prices down.

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