Hello to all!
If I get a home under contract during pre foreclosure while negotiating a short sale, what happens with the payments, etc. during this interim?
Thanks,
Mike
I think it would depend on where in the foreclosure process the property is. If the payments are behind already then don’t worry about them if you can finish the deal before the bank takes over. The bank will probably want them caught up, though, before it will do the short sale. Thats not really an easy question to answer without know all the facts.
Good luck,
donrock
Typically when a house is in pre-foreclosure and a short sale is being negotiated, there are no payments being made. Can you clarify why payments are being made?
thanks for the responses!
Will the lender entertain a short sale without the property ever being listed for sale via mls, etc?
Mike
Mike,
On a short sale the bank usually doesn’t care if the property is or has been listed, although they do want to know the history if it has been listed. There does need to be an executed sales agreement though in most cases.
Good Luck,
donrock