Comments on: Can you bid on a Property that is under contract in a short sale? http://www.sellmyproperty.me.uk/buy-property/can-you-bid-on-a-property-that-is-under-contract-in-a-short-sale.my We buy your property fast! Sun, 25 Jul 2010 20:51:33 +0000 http://wordpress.org/?v=2.8.6 hourly 1 By: glenn http://www.sellmyproperty.me.uk/buy-property/can-you-bid-on-a-property-that-is-under-contract-in-a-short-sale.my/comment-page-1#comment-663 glenn Wed, 23 Dec 2009 01:52:13 +0000 http://www.sellmyproperty.me.uk/buy-property/can-you-bid-on-a-property-that-is-under-contract-in-a-short-sale.my#comment-663 All interesting ideas. The person that told you that legally they can't look at your bid is probably wrong. He probably was trying to tell you that the bank has some policy that prevents it. The bank is not the owner and has no right to sell the house- so #2 won't work. You may could screw up the current sale and get involved in a lawsuit. Then the short sale would not work at all. The bank would have to add a huge amount of legal fees and foreclosure fees to the money invested in this home. No one would be happy with you and you may also be sued. Several months from now when the house would be on the market as a foreclosure the price may be quite a bit higher and the current owner would be badly hurt by your actions. Most banks do not allow assignment of contracts in short sales. They are wanting more than anything to make sure no scams are going on and they want to control who the buyer is. So #1 would not work. You would have to give the current owner a sum of cash to break their current contract. They would be required to report that to the bank and probably the bank would take that money away from them because of the short sale. So #3 would not work unless the seller did not report the money- and that may be bank fraud and that would mean jail time if they got caught. A short sale is so frustrating for a buyer that almost half fall thru anyway. If it does fall thru and you become the buyer I bet you end up getting very upset by the process also. All interesting ideas.
The person that told you that legally they can’t look at your bid is probably wrong. He probably was trying to tell you that the bank has some policy that prevents it.

The bank is not the owner and has no right to sell the house- so #2 won’t work. You may could screw up the current sale and get involved in a lawsuit. Then the short sale would not work at all. The bank would have to add a huge amount of legal fees and foreclosure fees to the money invested in this home. No one would be happy with you and you may also be sued. Several months from now when the house would be on the market as a foreclosure the price may be quite a bit higher and the current owner would be badly hurt by your actions.

Most banks do not allow assignment of contracts in short sales. They are wanting more than anything to make sure no scams are going on and they want to control who the buyer is. So #1 would not work.

You would have to give the current owner a sum of cash to break their current contract. They would be required to report that to the bank and probably the bank would take that money away from them because of the short sale. So #3 would not work unless the seller did not report the money- and that may be bank fraud and that would mean jail time if they got caught.

A short sale is so frustrating for a buyer that almost half fall thru anyway. If it does fall thru and you become the buyer I bet you end up getting very upset by the process also.

]]>