How Do You Purchase Sherff Sales Properties Before Sale
There is a property I am looking at appraised at 165,000, with mortgage of 86474.00. It will be sold at a local sherrifs auction on June 9. They will begin taking bids on it for 2/3 of the 165,000 which is 110,000. My question is; is it possible to contact someone and offer to simply pay off this mortgage (all cash) and prevent it from going to the sale? It would be a tremendous buy if I could. Who should I contact about this. I am assuming since it has been foreclosed that the owners are out of the picture as far as a contact.
you could potentiall do a short sale, or buy the debt from the lender.
Remember apprasied value has little to do w/ FMV.
In the case of buying the note, at least in CA, you have stepped into the shoes of the borrower and still have to conduct the auction.
if the mortgage is say 100K but the auction prices is 80K, there is a deficiency of 20K.
In some states the creditor can go after the borrower for this money.
where did you see this chart? I can not find it.
In my neck of the woods, a deficiency judgement is rarely pursued by the beneficiary.
By the way, in Oregon, the notice requirement is four months, not five, as stated in the chart.