Comments on: Buy the Short Sale or Wait for the Foreclosure?

By: Scott Ficek

Scott Ficek — Wed, 16 Sep 2009 15:41:38 +0000

The home owner still signs the contract as they own the house until the end of the redemption. They just need to get approval to get the bank to release the lien on the property.

By: Jeanne

Jeanne — Tue, 15 Sep 2009 04:28:33 +0000

I guess I have the concern, that if the short sale is signed during the redemption period, who signs the contract, the lender??, as the homeowner has no rights at that point., Am I right?

By: Scott Ficek

Scott Ficek — Mon, 14 Sep 2009 16:35:12 +0000

I don’t think they look at the deal any different if it is before or after the sheriff’s sale. Since they are located in a different state, and each state has different redemption periods, I don’t think the bank cares.

By: Jeanne

Jeanne — Sun, 13 Sep 2009 07:07:15 +0000

I’m interested in working a short sale both prior to sheriff’s sale and during the redemption period, How do lenders look at both sides?? Anyone better than the other??

By: Ron

Ron — Sat, 20 Jun 2009 04:01:40 +0000

The arrow diagram with the timeline is good, that’s easier for people to understand that way, nice work.

By: Ron

Ron — Fri, 05 Jun 2009 16:19:51 +0000

Good article Mike Jacka was on the news a month or so ago talking about how some reo’s are cheaper than short sales if you just wait, based on banks not knowing one department from another. Keep up the good work with the articles.

By: Dean Williams

Dean Williams — Thu, 21 May 2009 03:38:29 +0000

the best thing to do is talk to your lender about a short sale rather than going in for a foreclosure. If he agrees, you can prevent a deficiency judgment.
Another advantage with a short sale is that it can improve your credit, as it will feature as a ’settled debt’. Of course, it all depends on what your lender agrees to, so talk to him about it to establish how it will figure on your credit report and preferably get it in writing.

A short sale means the loss of your home. You can refer to online resources like [removed by admin] for solutions to help you keep your home as well as for valuable resources like articles, videos and guides that will help you prevent foreclosure.

A majority of mortgage companies prefer not to file a deficiency judgment against you for good reason. They are aware that a foreclosure does not spare you any funds to pay the deficiency judgment and court fees and therefore, it would be futile for them to waste their time, money and efforts over this.

By: real estate investing

real estate investing — Fri, 08 May 2009 21:25:54 +0000

It makes sense investing in real estate during depression since prices are falling but you should be very attentive to know when the prices hit the bottom, you might miss the ride.. You can park the properties and sell it later for a good price and remember “millionaires are made during economy depression!”.

By: Scott Ficek

Scott Ficek — Mon, 04 May 2009 16:22:03 +0000

You should contact the owner of the property for starters. The bank can’t sell it to you until the end of the redemption period (6 months after the sheriffs sale).

By: Andrea Anthony

Andrea Anthony — Fri, 01 May 2009 16:11:59 +0000

The home I’m renting went to sheriffs auction in April. A contractor has a $30,000 lien against the house. Is it possible for me to purchase the house by either paying the lien or contacting the bank? What information do I need and who can I talk to first?