Foreclosure Process

[Mike Higgins]

Hey there BP.

I recently came across a foreclosure in my area and was able to do a search and found the name of the people who were previously living there.  With the use of the handy dandy internet I was able to get in contact with the home owners and found out it is indeed in foreclosure.  

My question would be, how would a seasoned investor pursue this going further in trying to buy the house?

The things that I know:

1. The name of the mortgage company that is foreclosing.

2. Obviously have reached out and made contact with the owners

3. It is scheduled for sheriff sale in november.

4. Amount owed on the home (which is more than the area is worth.)

Would love to get some great discussion going.

[Sean OToole]

@Mike Higgins, @Account Closed is right on, though there may still also be a possibility of a short sale depending on whether sale postponements are typical in your state, and how willing the seller and bank are to move quickly. I've been tracking a house that I was considering bidding on at foreclosure sale, and that sale was just cancelled in favor of a last minute short sale. If you REALLY want the house, I'd give that a try. It isn't typical, but it is possible.