Make this short, I had a short sale listing go in to foreclosure and recenlty just been contacted by the lender to possibly list the home,( same lender who foreclosed on property) I was surprised and I even asked one of our local short sale kings if this has happened to him, which his reply was no. I am interested in knowing if this has happened to anyone.
This lender is small and has no reo division.
I have done it before with a small regional bank when they foreclosed on a many sub prime loans from hard money deals a couple years ago. I had short sold one of them in this local portfolio, and they wanted me to list several others as they foreclosed on them.
Its a shame the lender spent all the the extra money on legal fees and other costs to go through with foreclosure, instead of just cooperating and allowing you to do your thing and sell it as a short sale...
Thanks for the quick reply Mike! The lender actually wanted to work something out, but it was the 2nd lien holder who wanted 20% would not budge..this is with agent, buyer pulling resources together and it was still not satisfactory to 2nd.. .
It's quite possible the lender foreclosed to blow out the second, and that they still want your deal. I have had this happen with small local banks and on commercial short sales.