Hello, Im a newbie but here is my situation. I found a house that is going to sheriffs auction in 18 days. The owner owes 250k on two mtgs. agent has home listed for 265k. Owner is willing to work with me with his bank. One, do I have enough time to short sale before auction? Two, Im paying cash for the home. Three, any experience working with credit unions loss mitigation dept. ? Finally, if credit union agrees to my price what do I need to do. Ive seen the house and there are no issues. Thanks for the help.
This is what I would call an easy deal. Get the Auth Letter A.S.A.P along with bank statements and a hardship letter. You can get the bank to stop the sale. Now if you are truly paying Cash on this deal you should be able to get it right around 175k. If the Credit union agrees to the price call title Company/Attorney Depending on State and get the title work going.