Re: Selling home after Sheriff Sale
Posted by Steele in Minnesota on July 09, 2008 at 04:58:36:
In Reply to: Selling home after Sheriff Sale
Posted by Amy on July 08, 2008 at 20:37:53:
Amy,
As a foreclosure specialist and Realtor right here in Minnesota this agent is correct in that you can continue to try and sell your home during the six months of redemption. And if you do and sell for more that you owe, yes, you could make a profit.
Things to consider, however. You will need to pay back not only the price at the Sheriff Sale but the continuing missed payments, attorney fees and other ongoing costs of the lender. Figure a little more than you current monthly payment will need to be added for every month of redemption. Also, if you redeem you must also pay off any secondary loans against the house in order to transfer title to the new owner.
I guess what doesn't make sense to me is that you try a short sale that says your house is not worth what you owe and then talk about making another 20k on top of that during redemption? What makes your house worth more now? Perhaps you can clarify. I think there is more to this then it appears.
One other thing to know, if you are listed and are approached by another agent... If you didn't initiate the conversation about listing the property, this agent has violated the contract you have with your first agent and our Code of Ethics. Now I don't know who approached who, but if it is the agent, she should be in serious trouble.
On the surface, this whole thing does not add up.
Steele V. Propp
Foreclosure Specialist
Schatz Group
Minneapolis, Mn
steelep@aol.com
http://www.MinnesotaForeclosureNetwork.com
Follow Ups:
- Re: Selling home after Sheriff Sale - Bob 08:11:38 07/10/08
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