Offer Of Short Sale Before Auction

[feelingnutsy]

House is in active foreclosure---with probable auction date of around Sept.20.

Just got a letter from WF about doing a short sale.

Sounds like the proverbial left hand doesn't know what the right hand is
doing---and I intend to surrender the property---$65,000 underwater---
and it's an older place that needs around $20,000 in work.

Is a short sale worth it---so close to the auction?

Thanks---and I welcome feedback.

[HHM]

The thing is, you need a BUYER willing to make an offer. Odds are, you won't get one before the auction date anyway.

[feelingnutsy]

Hey---HHM---my thoughts exactly---and why WF waited so long.........???

[ryan]

House is in active foreclosure---with probable auction date of around Sept.20.

Just got a letter from WF about doing a short sale.

Sounds like the proverbial left hand doesn't know what the right hand is
doing---and I intend to surrender the property---$65,000 underwater---
and it's an older place that needs around $20,000 in work.

Is a short sale worth it---so close to the auction?

Thanks---and I welcome feedback.

That is typical for a lot of these banks!...you are 2 weeks away from a sheriffs sale and they say, "oh yeh, btw, see if you can do a short sale?#%*$%(&()(!@"

[feelingnutsy]

Hey---Ryan---my thoughts exactly---and it makes no sense.

[HakunaMatata]

While it's true the banks are beyond ridiculous, you may have some options. If you are heading down the strict foreclosure path (no BK), you're potentially subjected to a deficiency judgment, and you have a redemption period, a short sale following the auction/during the redemption period may be advantageous. Pros and cons are contingent upon your state laws, financial situation, and desire to exert further energy into your property.