Post sheriff sale acquisition

[Bradley Bissett]

Hello everyone. I am a commercial loan officer at a small community bank. I've been a lender for 10 yrs and seen so much in this short timeframe. Safe to say we operate in a totally different way than a big bank does. With that being said, this question stems from unfamiliarity w large banks. Particularly their dealings w foreclosed ppty. I have stumbled upon a great opportunity to purchase 2 houses that were tied up in the same mortgage for whatever reason and at an incredible price. The 1st house fits my families needs for more sq ft as we have one child 2yrs old, w twins on the way :) the ARV on this one is out of this world. The 2nd home is a perfect hold property as I consider it the worst house in the best neighborhood and it only needs a roof. Already rented to a great local guy. The big bank bid at sherif sale...the redemption period will be up in a few months. I wish the owners would have told me before the sherif sale but here we are. ugh. Since learning of this opportunity I viewed the houses and I signed a PA w the current owner, cash offer for slightly more than the bid price. Now we will see if the sellers financial advisor can get the PA in the hands of a knowledgeable person who can make a decision to sell. I recommended they contact the atty named on the redemption certificate but I'm sitting tight for now and letting the advisor take a crack at it bc I don't want to overstep too soon. I figure the bank should take the offer bc that's what a small bank would do. Cash offer, first offer usually the best etc...sheriff sale already happened so they can't go after the seller for the deficiency of the loan. This stops the bleadkng for the big bank for this relationship....BP- in your experience will a big bank move on a sale like this(after sherif sale but before the end of redemption period)since I have the owners signature on the PA and the cash price for what they hold? if it all works out it would be a huge blessing to not only me but to the seller as well. I plan to help them in as many ways as possible. Pay it forward. Super Nice ppl from our community w crazy circumstances. They just want their houses to go to a member of the community who will treat them well and I'm wondering If it can happen given the bureaucracy of a big bank. I greatly appreciate your help and thk u for taking the time to read such a long post. :) -Brad