Homes about to go to foreclosure auction?

Foreclosures, Short Sales, Tax Foreclosures
1

I am working with pre-foreclosure owners who are about to have their home sold at auction within 2-3 weeks. My goal is to wholesale them to an investor. I have several questions related to this process and am hoping someone can help.

Missouri is a NO redemption state. If the seller has a home that has some equity in it and I find an investor to buy the property, do I have to close before the auction date or will the lender alow an extension with me to close on the property even if it means going past the auction date? Just wondering if NO redemptive states will hold off on auction based on this.

God Bless! Sheila

2

I’m not sure redemption figures into it.

It will all depend on the lender. Some lenders will post-pone the date and some will not. A lot will be how fast you move and whether you can get them an offer that makes sense to them.

Also, you may want to check into the redemption on Missouri. I think owners have the ability to redeem in Missouri, but it’s a pretty complicated process.