Engineering Consultant, Investor · Seattle, WA · Member since 2013 · 213 posts · 61 votes
The house is schedule for foreclosure auction this Friday (3/10/2017). I am wondering if it is too late to buy the house prior to the auction as an investor? The house is in Washington State.
Investor · Springfield, MO · Member since 2012 · 320 posts · 115 votes
9y
You need a title report before doing anything. If you show up and buy a junior lien (2nd, 3rd position, etc.) you will have likely made a huge mistake. If you can get a local, reputable company to run you a report, or if you know how to run one yourself that's the first step. If the report comes back with only the 1st mortgage being foreclosed on then that will wipe out most but not all liens. You'll have to check out which liens aren't wiped out by Washington foreclosure.
If that's the only lien, judgement, etc. then take your money and try the auction. I'd urge you to not rush into these things though as if you haven't done your homework and know what you're doing you can make a very large financial mistake.
Watch the guys that are at the auction all of the time, get their pulse. See if they are bidding on what you would bid on.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
9y
I am afraid it is too late to do adequate research, so I would say it is too late to purchase. One mistake can damage you for a long time. I already added a post to another thread with two examples of that. Check those out before you add yourself to that category.
Investor · Spring Valley, IL · Member since 2017 · 43 posts · 3 votes
9y
If the home is going to foreclosure in three days and you are the homeowner there is not much you can do. In Illinois the right of redemption is 90 days from the filling of the les pendens notice. Now if you are an investor the first thing I would do was to try and contact the lender or the agent for the lender and see what their minimum bid on the property is. If it is a price you can live with get ready to go the foreclosure sale and bid.
Engineering Consultant, Investor · Seattle, WA · Member since 2013 · 213 posts · 61 votes
9y
Here is the update for those who are following this post. We weren't able to buy the house before the auction. The owners divorced a while ago and the wife was the one contacting us. We got her signature by couldn't get from the ex-husband.