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Updated over 7 years ago on . Most recent reply

Pre Foreclosure with Notice of Sale Date
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

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.