I have found a home that is in forclosure and the status of the action is NTS what does it mean…also if the house is to be sold at an auction can I buy it from the lender before the sale date??? please respond I NEED HELP thanks a bunch…
If you are going to try to by it before the auction, you need to work with the current owner to get the bank to agree to a short sale. The lender can’t sell it to you before they actually own it.
NOTICE OF TRUSTEE SALE (NTS)
thanks for the respond
Ok just got back from te court house and found the listing do I need to contact the attorney or the person on the substitute trustee??
You need to contact the owner of the property. They own the place and are the only ones who can sell it to you. Plain and simple. The trustee can tell you what time they will have the sale. Most of them are hard to deal with and will not and actually can not help you with much info at all. The bank will not give you info either without the owners permission in writing. You may be able to buy the note from them but even this is rare if they are an institution and you will need the cash fast. It is really a hard game to get into as you need to act fast and with cash. You can also do short sales and get delays to stop the foreclosure.
Good luck with it
how would I go about a short sale to delay the sale??..As for the money ive got a mortgage lender that told me all I had to do was put a contract on it and he could finance it 100% 0 money down and have at least 10,000 in escrow for repais…
property in question is in desired neighborhood selling for 86,000 fmv is about 130,000 if bought I would use this great buy for my primary resident (me and my wife would be first time home buyers) ;D
Any adittional info is greatly appriciated. THANKS
I have never bought at an auction, but have been at one. You may be required to deliver them certified funds in 3 days or 7 days or something like that. A contact for financing won’t work at the auction then.
In my area, the foreclosures, all 2 of them that went to auction, seemed to have all been bought up by the neighbors,more than FMV. and certainly more than i would be willing to pay for them. We also have to be certified bidders with $500 paid in advance towards any bid to the auctioneer/county. It is returned if you are not a winner, but you need to do this to even get in.
It could however stop the auction, as others said above if bank you and seller are in agreement before it’s too late - I would guess.
hey thanks for the info…
In texas or I should say in Galveston county you just have to show up with a cashiers check and bid on the property but their are tons of them here and it looks like that not many investor buy them :o for what reason I dont know but this could be were I make a ton of money…I’m getting the felling that they just do’nt want to mess with it…Buy the way I just went and looked at another property and its and reo any input ANYONe?
First, get some training. Buying properties in foreclosure or at the sale is a specialized field with lots of laws you need to be aware of.
Second, the reason there are so many is because Texas is at the bottom of its cycle so you’ll find thousands of foreclosure a month because there’s little or no equity which is when banks end up with the properties.