Re: Short Sale after Sheriff Sale?
Posted by NJDave on September 26, 2007 at 06:59:10:
In Reply to: Short Sale after Sheriff Sale?
Posted by Marge on September 25, 2007 at 16:48:38:
I'm not sure the correct term would be "short Sale" since short sales are normally associated with 'preforeclosure' and this would be after the sheriff's sale, and after the 'foreclosure' has been completed (subject to ROR).
If the mortgagee was the successful bidder at the Sheriff's Sale and stood to take back the property as an REO following the expiration of Right of Redemption, I see no reason why you could not pursue a sale... or new acquisition finance, utilizing the same techniques required of a preforeclosure short sale.
Simply request the former mortgagee to accept less than it is due.
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