My 76 yr old aunt is in pre-foreclosure. Her sale was today and I am unsure when her redemption period is right now. I need to find an investor to buy this property on a short sale. However, I dont know where to find any at this very moment. I want to take out an ad, but i dont know what to say to generate to most response. I want to try this:
“Eastside Detroit Property. Pre-foreclosure at courthouse steps. Home in great condition. Please call xxx-555-1212.”
Please give me a clue how to make this work.
If the home is already up for sale on the steps today, it’s most likely going to be too late to negotiate a short sale. The bank won’t be able to get the sale approved and move forward unless you have a kind representative who will stop the sale when you have a cash investor with a proof of funds letter.
On your ad, I’d put it on Craigslist or contact some investors through a local investment club. Most are listed in a section on this website. Real investors don’t need much information, but the more you provide, the better. If the home was a good deal, they would have normally already contacted her once they saw the foreclosure notice in the paper.
The redemption period started Nov 30 and it is a 6mo redemption. I have no idea what a Craigslist is–pls explain. The other thing is that my aunt has 1 mortgage at 98k, but two houses on that street sold for 55k one is identical and the other is similar.
www.craigslist.org
It is a free classified site.