I received a call about a house in foreclosure, not much equity, and the auction is at the end of this month.
There probably isn’t enough time to pursue the short sale with the lender before the auction I wouldn’t think. Since the owner has a 75 day redemption, can I still get the deed from him and move forward with the short sale or am I just dealing with a short sale on an REO now?
Thanks in advance!
I have never heard of this. Where are you located and how does it work? What are the costs involved in redeaming a property ?
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
In Colorado there is a 75 day right of redemption period where the defaulting owner can still cure the foreclosure after the sale by paying the related penalties and past payments I believe.
cfush,
There are other ways to stall the sale. Let the bank know you’re trying to work out a deal and they will most likely work with you.
Thanks for the info.