Plantiff's Lawyer
I am new at this, so bear with me. I am researching Sheriff' Sales listed in our local paper (NJ) and find one of interest. I am having a title search done by a "freelance" person. This is a condo unit worth about $225,000 and listed at upset for 124,000. I called the lawyer for the mort. co and asked if I could see the property and was told (very pointedly) that I was not allowed to see the property, and had to bid at the Sheriff's Sale "sight unseen". Why? Doesn't it make sense to let a potential bidder see the property or am I short on legal knowledge? 
A lot of these attorneys are doing these forclosures on a production-line basis, and they don't have time to go out and show the property, and (hopefully, or else this attorney is unethical) the client has indicated that it doesn't want to sink any more money into the property paying someone to go out and show it.
They could be showing it to dozens of lookie-loos who never show up to even bid! So they've made a considered judgment that it's cheaper and cleaner to just let the property sell for whatever it sells for at the foreclosure sale.
Thanks for the insight. Since this property has not yet gone to Sheriff's sale, can I still make an attempt at a pre-closure offer with the owner (if I can contact him) ? Or should I contact the Mort. CO?
Whether to attempt that would depend on the swiftness with which you think you could close the deal. If you can't beat the sale date, it won't work.
I'm sorry that the foreclosing lawyer was rude to you. If you actually talked to him, he should have gotten a good laugh. He will only be doing the foreclosure processing of this property. Until the sale, the property belongs to the owner of record. He has no right to go on to the property or into the house. This is not a real estate listing.
Try to contact the owner by knocking on the door. See what he owes and if it is worth you time to pursue this matter.
Question: What does an attorney use for birth control?
Answer: His personality!
Of course you're right, while the erstwhile homeowner is still in possession. In many cases they've turned the keys over ... and still no one's willing to show it.
Thanks for the reply and that does now make sense. I am going to try the direct approach and knock on the door. I have also e-mailed the Mort. Co. with an offer to take over their problem if they are interested. Don't know how that will go over, but I'm new at this and it will take a while to learn.
The judgment amount is listed in the newspaper. It might not include unpaid property taxes, or homeowner association fees. If it's worth $220,000+, you should expect bidding to stop somewhere in the $175,000 range.
Quote: I have also e-mailed the Mort. Co. with an offer to take over their problem if they are interested.
The beauty (and downfall in your case) is that the internet is completely anonymous. I doubt they will take you seriously since there is nothing backing what you type...I would submit the offer in writing.
Suggesting that "I take over your problem" is hardly an offer.
The only thing the mortgagee could/would consider from an unauthorized third party would be the sale of the mortgage.
Dear Sir,
At this stage of the foreclosure go for the owner. Try and deal with him. Try for Deed then Deed in hand go to the Mortgage Holder and see if you can do a reinstatement if the unpaid balance is low enought to be worth while. Other then that await in trembling and anticipation for the sale. Attend the sale, get the name of the Sale Officer/Trustee
depending on State. Then proceed if the Sale strikes off to the Lender. If it is overbid, do not give up yet, but start in on the successful Buyer. Maybe he would like a quick flip. If so there may still be profit. Maybe he will take back a note for an increased sale price and if you structure the note correctly you can still make a profit. Also while at sale here is your chance to identify your competition in the future. Get their names, ranks and date of births. I sometimes try to meet them for coffee. This also generates Transaction as some of them are fed up with property/tenants/building inspectors or who knows what, the human condition. It is sort of fun.
Cheers Lucius
the attorney is not authorize to show any property...he is acting as the banks agent to foreclose on the loan. the bank nor the attroney have ownership to the property. you need to contact the owner to view the property and possibly workout a deal before the sale.[ Edited by lp1 on Date 10/11/2003 ]
I agree you should try to find and talk directly to title owner.
You have NO obligation to talk to another party's lawyer, no matter what the lawyer might tell you.
While it's unethical for one party's lawyer to talk to or try to deal directly with another party (if the lawyer knows the other guy HAS a lawyer), it's definitely NOT in any way a restriction on you as a party.
You have no such obligation and can talk to anybody you want to, or who can give you any info.
Remember, the foreclosing trustee and his/its lawyer is NOT representing the owner! Far from it...if they're foreclosing, the trustee & his creditor are definitely NOT on the same side, and they don't have the same identical interests.
A recent State Supreme Court decision in my state of WA, came down hard on an "in-house" lawyer trustee who was really favoring the creditor, and the court was very scornful of the trustee's very biased behavior favoring the creditor. That trustee was doing such as canceling the auction/sale at the last possible second, and trying to hide when & where the next one would be, etc.
By law, the Trustee must fairly do his/her job favoring nobody. Of course the T'ee is hired by the creditor & paid by him, but he must act as a neutral in posting the property for sale, conducting the sale fairly, giving all parties a fair opportunity to bid, etc.
It's a tricky proposition being & doing Trustee's job, and most lawyers don't like the role, leaving it to specializing lawyers and trustee companies whose lawyers do lots of these.