QUICK ADVICE
Hi Guys,
I'm in need of a little advice here. There's a house down the street that's been foreclosed on and has already been up for sheriff sale. According to the person that was changing the locks on the place when I drove by, the place is going up for sale in about a week. The place is a fixer. My questions are this:
1)Can I make an offer on the property to the bank before it goes on the market and is this a good idea.
2)where should I go to find out which bank owns it (which department)?
I've never worked with foreclosures before so i'm not familiar. Normally I would do the research myself instead of ask questions that are probably viewed as elementary but I'm running out of time if I want to beat out other buyers.
Thanks!
When the property goes thru the sale it will wipe out all liens, If you buy before the sale you should get a title search first to check on any liens. But also check your county and their rules.. Hope this helps a little bit!
Thanks for the input. Will the sheriff sale wipe out all liens or will the regular market sale do that?
A regular market sale will Not release the liens!
Sounds like you need to go look at the public records and find the owner. This will also let you check on any other liens or encumbrances on the property.
Have you asked the neighbors? You have to find the owner so that they can tell you who their loan is with and give you permission to inquire about the details. Then you can negotiate with the lending institution.
Jason
I actually do know who the owner is from searching the public records. But I can't seem to locate him. This has actually already been foreclosed so i'm not sure if talking to him would help too much or not. But i definately appreciate the suggestion.
Hello. In lehigh county, Pa. you can get a list of info about the sale at the Sherriffs office in the county courthouse. It has an attys. name on it who is representing the mortgage co filing lawsuit. The paper from my courthouse says that all prop are sold as is and sherriff is not responsible as to title. I have found that many of the prop. get continued to another date in the future. On way or another if you can get to atty before sale or at sale ask him/her what the upset price is for that prop. that is for the most part, the price they have to get out of the prop for you to get it. I hope this helps.
only liens subordinate the foreclosing lien would be wiped out.