Home » Real Estate Forums » Real Estate Investing » Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Pre-Foreclosure Goes to auction 3-16

Posted on: Thu, 03/05/2009 - 13:03
Pre-Foreclosure Goes to auction 3-16

I've found a pre-foreclosure that I'm interested but the lender has set an auction date of 3-16. Does this mean it is to late to deal directly with the owner who is in default?? I've read Dean's most recent book today and am still digesting it all. It is titled Profit from Real Estate Right Now, LOL. I just put the book down an hour ago and I've got a potential property already.

__________________


Posted on: Thu, 03/05/2009 - 14:20 #1
No. You can save it if you

No.
You can save it if you pay off what the owner is behind and all penalty's.
But make sure it is worth it and use the proper forms.
You can also ask the bank for a short sale. There are a bunch of posts on that also. The owner can sign a letter allowing you to speak to the bank on their behalf.
I would say do your home work on the property first. If you post the specs here you can get better advice. How much is it worth, What do they owe exc...
good luck.
Richie.


Posted on: Thu, 03/05/2009 - 19:41 #2
Details?

Post the details here to see if the people on this board think it is worth it. If it sounds like a good deal, you can try and offer the owner some cash to walk away, you take over all payments, and you own it. Keep us posted and good luck!

__________________

This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen


Posted on: Thu, 03/05/2009 - 21:49 #3
The default unpaid balance

The default unpaid balance is $52,081.

Assessed value is $173K

I know a year ago this house would of sold for around 225K but things have slowed down a bit.

I stopped by and spoke with the owner. His father passed away and he said that when it came out of probate he let a few payments slide cause he is making payments on a couple other houses. I mentioned I was looking at making real estate investments and had noticed his house was listed for auction on 3-26. He chuckled and said he has been kinda dragging his feet but that he had it covered and that it wasn't going to happen. He said they don't want to work with him because he only owes like 30K and they want to steal his equity but he has a lawyer.

Not sure if this guy is in denial or really has things handled.