Notice Of Trustee's Sale
Is there any way to contact the Bank who forclosed and offer/purchase after the sale has been recorded or do I have to wait till the auction. I would like to offer on a NTS (which I know little to nothing about) but don't want to go through the auction on the courthouse steps process? Any and all insight welcomed
Bri 
I am not exactly sure of what you are asking but you can clarify if I am wide of the mark.
Contacting the Bank before sale in order to buy the property will likely go nowhere since the default may be cured or someone else may be a successful bidder at the sale. What can the Bank do at this point? They don't own the property.
If you want to buy a Bank-owned property after the sale, then you might contact the Bank REO (Real Estate Owned) department. These are usually listed with brokers to resell them for the bank.
If your area has many foreclosures you may have an easy time finding good discounted Bank-Owned properties. I just picked one up (still in escrow) and it looks very good.
Alternatively, you might want to work out something with the property owner prior to the sale. This will very likely involve contacting the Loss Mitigation department at the bank (with owner's permission).
Both approaches will keep you off of the courthouse steps. This is my preference as well.
I hope this answers your question.
To some degree it does answer my question. I am trying to keep this from going to sale . I haven't yet checked out the prop but I do own another in the area. I guess is what I was interested in most was finding a way to control this without it going to the courthouse steps.
Bri
Lets see if I understand. The property is now listed for actual sale a Trustees sale which means in about 20 days or less the sale commences.
You now want to make a deal with the owner to give,sell,or lend you the property.
You want to know if you can still bring the loan current, pay all the expenses and then play with title etc. etc.
Yes, in some states it is an election, but as a matter of constant policy, most lenders if you present correctly will accept a reinstatement. Why not look at the late charges and fees. Yip a small killing.
This is a good area to operate in because most of the people trying to snatch property work much sooner in the default. A lot of them have given up by the time the actual sale is posted. Of course you must go much faster but wot the hell buy roller skates and go for it.
I used to work in this area. I did well and very little competition. Enjoy
Lucius man of many containers.
One approach is to write a check to the bene for $5000 and mail it as a deposit with an offer to buy which drops dead 24 hours after the auction. The bene now has 1 day after the auction to accept - which they might. The check states on its back that if deposited that signifies that the bene accepted your offer.
The short answer is no. The property still belongs to the owner of record up until the time the property is auctioned off at the steps of the courthouse.
You need to cut a deal with the owner-prior to the sale.
After the sale, if there are no bidder. The property then belongs to the lender. That's when you contact them.
I agree with Sammy
I follow you so should I do an intial title search and then contact the owner about a possible short sale? Do I really have time or should I wait until after the auction perhaps?
Thanks
Brian
How fast can you act? Do a title search, that doesn't take long. It will let you know if there are any other liens on the property. If there are, it may not be worth purchasing unless you can "short" the other liens. But, you have to have the permission of the current owners to proceed. (You need a letter of permission to contact their bank in order to bid)Contact the owners to get the go-ahead. Some owners are in denial until the auction.
Just in case you are not aware, there is no incentive for the mortgage company to accept an short offer (even if homeowner agrees) if the loan has PMI, FHA or VA.
Liz Martin
[ Edited by joel on Date 11/11/2003 ]