The Present, most popular processes banks are using for Short Sales.

[Tim Criswell]

I'm in Illinois should that help anyone. I'm not asking about any laws or legal advice. I happened to run into a perfect short sale situation on a pre-foreclosure property, similar to the SS deal l did 5-years ago. It's even the same bank servicing the loan. But the process of stopping the sheriff sale so the bank can receive and consider my offer is completely different. Does anyone know if banks still consider SS's? Any info. will be greatly appreciated. Or have banks found a legal and less expensive way of unloading non-producing assets, than by selling them on the court house steps,? ( i.e. Auction dot com? )  Removing a key motivator for the bank/investor to consider a fair offer for the value of the property, instead of the total remaining debt of the bill, and not receiving any of it. Tell me what you know, that I don't please.

[Chris Seveney]

@Tim Criswell

Banks did learn a lot from 2008, if it’s further down the road to foreclosure they will typically just continue with it because of the red tape also on a short sale

Also most properties have equity today and even those that do not the banks are not concerned with selling it since there is limited inventory

For them it’s easier to foreclose and turn it over to an asset mgmt company