Short Sale Inquiry

[Eric Roseman]

Is there a specific time frame to execute a short sale?

Can you short a house that has already been foreclosed on but not completely through the redemptive period?

Tx

[John Evan Miller]

The ownership of the property – who the buyer will work with – is one primary difference between foreclosures and short sales. To further complicate matters, the buyer must work not only with the seller in a short sale, but with the lender as well. Both the lender and the owner must sign off on any agreement.

If the property has been foreclosed upon but has not yet been auctioned, you could attempt to track down where to make the offer whether it is directly to the bank, unlikely, or pending at a real estate office, more likely.

No matter where the property is in the system, it is in the system and the lender wants to clear it off their books. Even if there is still a redemption period, having an accepted offer following the property through the system can't be a bad idea.