hey everyone,
If a home is in foreclosure, it has already gone to sale, and the redemption is only a couple weeks from ending. The homeowner has already moved or is not going to redeem and get kicked out, can you submit an offer to the lender? if so can they accept your offer and sell to you once the redemption period ends? Has anyone ever done this, and has it worked?
John
Although I have never done. Technically speaking, Yes you can submit your offer to the lender.
Howdy Jsfletcher143:
Each lender or bank is different. Some of the deals even HUD homes after the lender forecloses. Most lenders take their sweet a$$ time to decide what to do with an asset they take back if anything at all. It can get really complicated. Back in the RTC days houses set for years before even marketed or auctions or anything. Just last week it took me 14 phone calls to get a payoff on my car when Chase bought Bank One. I can not tell you how many calls I have made to lenders after a foreclosure to hear that they have no records on the property or to call back in a month. It takes a lot of work and stamina to deal with REO’s especially in redemption states. LOL