Foreclosure sale - Posted by Jonathan

Posted by Max-Va on April 27, 2007 at 21:10:01:

Start the process as soon as possible. The courthouse steps is too late. The avarege short sale takes 45-60 days sometimes longer. Short sales depend on the sellers cooperation

Foreclosure sale - Posted by Jonathan

Posted by Jonathan on April 27, 2007 at 17:25:45:

I really want to try my hand at short sales, I’m currently trying my luck at the wholesale side of realestate investing (any advice on either aspect is greatly appreciated). But, what I would like to know from anyone who can answer this is, when is the last possible minute that a person can negotiate a short sale w/ the lender of a foreclosure? Is it at the doorsteps of the courthouse? By the way I’m an invester in Alabama

Re: Foreclosure sale - Posted by Michael Steele

Posted by Michael Steele on April 28, 2007 at 14:18:29:


there are just a few things you should know in stepping into this arena.

Some lenders are easier to deal with than others. there are some that just will not budge. You should walkin in with the understanding that no bank “wants” to hold real estate on their books.

You will need to get familiar with how different Loss Mitigation departments work in different banks. Most shall be willing to work with you (assuming at that point you already have the seller’s cooperation) and also acknowledge the fact that if a person is in forclosure with their house then therre stands a good chance that other bills have gone unpaid and some companies file liens on the biggest asset that the client has (which is a house). Now your dealing with negotiating not only with the mortgage companys (1st, 2nd, and 3rd) but you also have the possibility of dealing with the irs, hospital bills, company defaults, ext, ext.

Best advice would be to be prepared for just about anything.

Because of all the numerous different factors involved you will want to start working with the lender as soon as possible because you never know what is going to pop up.

True enough you will get a better deal the closer you get to the sale date (“courthouse steps”) but if other factors enter the picture you might not have the time you need to get them resolved.

Hope all this helps and I have not confused you.

Please contact for more info.

M. Steele