Selling home after Sheriff Sale


Posted by Amy on July 08, 2008 at 20:37:53:

My house goes to sheriff sale on July 10th. I have tried to work with the lender, tried short sale. They agreed to consider a short sale, but now they won't return my calls or the real estate agents calls. A real estate agent I know very well approached me and gave me this solution: She said I can make money off of my house after the sheriff sale, even though I have no equity (house was appraised very high, now not so high). This is an example of her plan: The bank buys back the house at the Sheriff Sale. They pay 50k. I turn around and sell it in my 6 month redemption period as I still own the house during that time (I live in Minnesota). I sell the house for about 70k, pay the bank their 50k they bought the house for, and make a 20k profit. She said she has done this for 5 other people in the last month and I know these folks, so I know they made a profit. My question is this: Is this legit? By the way, I am in bankruptcy, so all of the leftover from the sheriff sale is included in that. Any and all advice is appreciated.

Thank you!!


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