my guess they will list it at just enough to make themselves whole and it will sell in a few days, it's not their job to make some walking money for the defaulted borrower
temeculaguy, when you said "enough", you meant enough to:
1. Make themselves whole, and
2. Cover the late payments, foreclosure fees & broker fees
Right ? You said you didn’t have enough cash, can’t you buy it from the lender (as an REO) using conventional financing ?
I was looking at one that went up at 200k below market with 20 days before it foreclosed and it wasn't a short sale they actually had the equity
For a buyer who has the cash and wants to own as soon as possible but is wary of the downside potentials, the listing mentioned by temeculaguy might be an ideal purchase.
I'm wondering. How often does such an opportunity come up ? My guess is: rarely. But, maybe someone know more about this. Any comments ?
