Buying Foreclosures before sheriff sale/auction

Foreclosures, Short Sales, Tax Foreclosures
1

After a sheriffs auction is scheduled does a lender have any reason to try to sell to a buyer before the auction date? I would assume there is lost interest due to holding time and the benefit of not having to list and pay an agent.

  1. When the auction is scheduled does that means a judgment has been issued correct?
  2. Has anyone ever bought property from a lender between the judgment date and the auction date?
  3. If property has been bought what have been some of the techniques used to motivate the lender to work with you prior to auction?

Thanks

2

YES
You can buy the property before the sale at auction

But most states have a cut off that is about 2weeks before the sale

This being said that all back monies and the like must be fixed and the debt made correct or the sale will go on and you will have to pay the full price then and there

The best way is to buy it from the person on the mortgage before the sale as a sub-2 but best make sure you can correct all the back payments and fees before you do this or set up a short sale asap

Hope this helps a bit

3

  1. When the auction is scheduled, the lender has gotten the judgment and is now trying to sell the property to pay for the judgment. It is a legal procedure.

  2. Yes all the time, it is a good technique. Have your lawyer write to the lender with an offer to buy the mortgage at a discount, better yet, take assignment of the entire foreclosure process so that you can complete the F/C in the event you can not settle with the mortgagor. You can get some great discounts, but try to make the offer to purchase before an auction date is set.

  3. Offer them cash, tell them you need the potential profit, tell em you’ll tell all your friends how great the bank is, compliment them, buy pizzas for all the employees prior to making an offer, tell them you are trying to make a profit in order to save your home from foreclosure, let them know you’ll cut their grass for a year if they give you a good deal. Tell them you really screwed up by buying an expensive course of how to buy notes, but it is not working and your wife is really mad at you.

Good luck,

Charles Parrish