Forums » All Categories » Buying Foreclosures » MI » We had an offer on a home that was on a short sale. Even though our offer was the same as one the bank had previously accepted on the home (that deal had fallen through), they let the time run out on the short sale and the house apparently now goes into f
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We had an offer on a home that was on a short sale. Even though our offer was the same as one the bank had previously accepted on the home (that deal had fallen through), they let the time run out on the short sale and the house apparently now goes into f
(MI)

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Tanda Posted: 23 Aug 2012 01:23 PM

We had an offer on a home that was on a short sale.  Even though our offer was the same as one the bank had previously accepted on the home (that deal had fallen through), they let the time run out on the short sale and the house apparently now goes into foreclosure.  We still want the home, what happens next.  HOw does it go onthe market again as a foreclosure? There doesn't seem to be anyone interested, and it just says the house is owned by Fannie Mae.  Thoughts?

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Mama Heat replied on 1 Sep 2012 08:36 AM
Not sure where you are looking to buy, but I know that in Riverside County they are trying an experimental program with Fannie houses letting investors buy them in 500 bulk sales. Kinda of a buy 375 houses we will give you 125 free thing. They plan on sitting on the houses, renting them out for 3-5 years till the market comes back. I personally am getting really bothered by the artificial demand in the market place when there is more than enough supply . Good luck and maybe stick with Standard sales if you can find them.
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