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Updated over 7 years ago on . Most recent reply

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Davit Gharibyan
  • Saint Paul, MN
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177
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Pre Foreclosure with Notice of Sale Date

Davit Gharibyan
  • Saint Paul, MN
Posted

Hello all,

I am working with a homeowner whose property is going to be auctioned off on November 21. This will be a sheriff's sale. The house is in MN, Dakota County.

The ARV and the loan balance owed make sense and it can be wholesaled. Do I just submit a purchase agreement and run the transaction like a normal wholesale deal?

Does the deal have to be compete before the sale?

I know in MN the homeowner has 6 months after the sheriff's sale to redeem the property.

Any suggestions are greatly appreciated.

Most Popular Reply

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4,356
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Sam Shueh
  • Real Estate Agent
  • Cupertino, CA
1,725
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4,356
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Sam Shueh
  • Real Estate Agent
  • Cupertino, CA
Replied

It needs to be an-arm-length transaction. Best is to hire a realtor to negotiate for you. Needing a former distressed property purchase contract offer. The EMD will be held in escrow and if you do not want it later, you can lose your deposit.

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