Tracking a Foreclosure--?'s
I have been tracking a foreclosure for a while now. The original Trustee Sale was 3/17/08 and has been postponed until 5/16/08. I know the owner filed BK in 11/07. The property has been on the MLS for 100 days plus and has still not found a buyer. The owner is also the listing broker.
There is a first and second on the house for aprox 1.4MM and a third with a private party. The first and second are held with Countrywde and the property is def not worth the $1.4MM. Prop taxes also have not been paid so im sure there is a tax lein. The property was built in 1960 and needs a ton of TLC...
1. How long can a BK delay a Trustee sale?
2. What will the opening bid be? (first and second Trust Deed + fees or less?)
3. What are the chances of trying to purchase the property (i will be the principal) during the time of the Trustee sale (i will attend sale to track the sale) and before it is listed as an REO assuming no one buyes it at the Trustees Sale?
The house is worth less than the First TD ($1.2mm) on todays market.
Thanks in advance!