Commercial Property going to Auction...

[Wade Funk]

Howdy all, 

I've found a commercial property that will be going to the County Auction in a few weeks.  Ahead of that, is there anything I can do to try to buy it BEFORE that happens?  It's what I've been looking for as an investment, so I would like to make a deal with someone PRIOR to it going to Auction.  Is it too late, or is there an option I'm unaware of?

I'm VERY new here, so please excuse my ignorance:)

Thanks,

WTF

[John Myers]

A lot depends on how much he owes on the property and if there is any equity in the property.  If there is equity in the property, you might be able to purchase the property.  Another option is to purchase the redemption rights on the property if there is equity in the property.  First step is to find out if there is equity in the property.  Second step would be to get someone involved knowledgeable in legal side of redemption rights and dealing with the court system and foreclosures.  You may need to get legal advice.

If there is no equity in the property you may be able to pursue a short sale with the owner and the bank foreclosing on the property.  This will be complex and take some time, get someone involved that has a lot of experience in short sales.