I would like to preface with a thank you for the patience of anyone who might be reading this.
I am a 1st time buyer, and am interested in a house that will be sold at the public trustee's auction very soon. I am wondering if it will be worth the effort to try to contact the homeowner seeing that the auction is scheduled in 20 days, and the intent to cure must be filed 15 days before the auction. I guess my question is very specific to my state, Co, and I am wondering if the only way to postpone the sale is to file an intent to cure, or if the sale can be continued in another way, so that there could be time to negotiate with the owner. This is all given that the homeowner responds and that there aren't other liens, of course.
Thanks.
Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
18y
Originally posted by "Julesboots":
…I am wondering if it will be worth the effort…
…or if the sale can be continued in another way…
Hey, it is worth a try… At this point, with such little time left, I think knocking on the door is what needs to be done. No time for letters here.
Somebody in your area will have to answer the other question…
I do know where I am the Statute says reinstate 3 days before the sale… But the trustee will take the money to reinstate at the sale while the sale is in progress. What I am saying is I think the 15-day thing is probably state statute, but the lender can probably take it up to the sale, postpone the sale, or simply cancel it.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
18y
Jules,
Given the timing of this auction, the NED (Notice of Election and Demand, called NOD in many states) must have been filed before 1/1/08. So, this still falls under the old foreclosure law. That means there will be a 45 day owners redemption period after the sale where the owner can still come back and redeem the property for the price it sold at the sale. So, even if it goes to auction, you may still be able to work with the owner to acquire the property. That said, I would try to contact them right away. Knock on their door.
Jon