Trustee's Sale 8/11-- Help!
Hi! I'm a newbie to this site, and need some serious help. I'm interested in purchasing a property in our neighborhood that's going up for trustee's sale on 8/11. Time is of the essence. DH and I don't have $247k lying around to make the cash bid, so I'm wondering if we should approach the owners about buying "subject-to". I have never done anything like this before, and know I need to buy John's Subject-To program, but I only have a few days! This house would be PERFECT-- we would possibly rehab it, but more than likely move in ourselves and sell or lease our current home. We believe the fair market value of this home to be around $450k, so it is a steal! Any help or suggestions in acquiring this property would be appreciated! 
The first thing that you should do is to contact the owner and strike a deal where you give them as little money as possible (if they do want money have them take it on a note).
Next, get authorization to release information from the borrowers to talk to the bank.
Get current payoff information and the amount needed to reinstate the loan. Also get info like the monthly payment, interest rate, etc.
Know that the bank will probably not be interested in reinstating the loan this close before the sale unless required by law.
During this time you also need to get your title work done to make sure that you are aware of all liens on the property. The $247k may be a 2nd mortgage--you must find out. Call a title company for this.
GOOD LUCK
Exactly what myfrogger said.........hear it is the eve of the 11th. have you completed any due diligence that has been suggested. Im courious to hear how this plays out for you. Hope you get this one. Keep us posted
Good luck.
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Thanks for all of your help, but unfortunately the owner settled with the trustee. There will be no auction today. :-(
I will use your tips and advice when I find the next one! :-D
Its a definatly a numbers game.........good luck to you on your next find.
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