Advice Of Buying Before Foreclosure Auction
I have a P&S on a great deal in foreclosure. The auction date is 3/25/04 and we should not have a problem closing before this date. However I plan on contacting the lender and the lawyer involved in regards to delaying it in case we cannot close quick enough. Is the lender/ lawyer usually perceptive to delaying it, if I fax them a copy of the P&S? What is the best way to approach it with the lender. We have an authorization to release mortgage info and should have the amounts due, back charges, fees, etc. by Tuesday from the bank. If we had to we could also pay off back charges and fees prior to auction to stop the auction. Just want some advise from those that have done this before so I don't miss any details. I really don't want any minor technicalities to bite us in the butt since I have a great win/win on hand that would allow the owner and us both get a good amount of money out of it. Also the date of lis pendends is the 15th, from what I understand after this date the bank will report to credit agencies a foreclosure on their record. If I speak to bank about our purchase can we get them to not report the foreclosure?
Is it also to late in the game to try a short sale, and if the bank knows that it is worth alot more than whats owed would they even consider a short sale?
Thanks
TBARBER
Can anyone on TCI right now give me some suggestions on this post
Can anyone give any advise on this post
Hi, I do not have experience in this, just wanted to let you know someone was reading . I do not know much about foreclosure law. Maybe if you post this in the Foreclosure Forum you'd have better results. And perhaps do a search and see who does have experience here and PM them with your predicament. Likely, just no one with the knowledge you seek has seen your plea.
Good luck,
Terry
This is not the way to treat the lady:
"... (including in my replies to the barrage of PM's you have been sending me since last night) "
Imagine something goes wrong with your construction. Neighbor sue you or similar, if you do not have the room for unexpected development of events, you'll be dead in the water. Imagine interest rate goes up. Value goes down, how would you cower your behind? Continue building losing money? Nancy knows her stuff. She even wrote the book on the subject, every one should read it.
Well its never to late to try. You can do a short on this if you are buying but you have to structure it carefully. Also some important facts where are you? The turn around time for a sale is a factor. The Lender is a factor. Title state type of loan is a factor. All these things need to be told to get an idea of where you are at. There are some good short sale course out there. Ron Legrand is good. So is Louis Brown.