Submitting Bid To Bank's Atty. Before Auction
Can a bid, below what the bank will be asking for a property when it goes to auction, be submitted to the bank's attorney prior to the sale? I suppose this would be like doing a short sale, in a sense, without dealing with the homeowner (who we can't find) and without all of the paperwork. I notice that after courthouse sales that there are often listed in the list of sold properties some that have deficiencies listed. Example: Bid amount was $100,000, but next to that it lists a deficiency amount of $25,000. But it then always seems to have a bank's name as the purchaser of the property. I guess I would think that if you saw a deficiency amount, that that's when the bank did accept a lesser payoff at the sale, and that an investor bought it. Any ideas? Thx. :-?
I know that individuals have bids that appear as the auction is commencing; they obviously did this beforehand, likely with the attorney. Any feedback? :-?
If what you want to buy is the title you have to wait till the auction. But if what you want to buy is the right to foreclose you can purchase the bank's interest at any time they are willing to sell. The amount of discount they are willing to take depends on many factors including how early it is in the process (they tend to be willing to discount more earlier, before the risks of liltigation are known) if they are getting close to the sale date and no owner has showed up to make the process more complicated they may not discount much. Deal with the banks foreclosure attny. Or better get an attny who practices this kind of law and let him negotiate for you.