Buying a foreclosure quadplex

3 Replies

Hi everyone, I'm fairly new to this and I have a question (and probably many follow ups.) I've found this quadplex that has a notice of sale posted for it and it's going to auction next month...but it looks like the owners are trying to sell before that happens. From a quick glance it looks like they're trying to sell it about 30k over what quadplexes are going for in my area and I don't fully understand what's going on here. My main question is, can a property be bought before auction if there is a notice of sale posted? If yes, wouldn't this almost be considered an extremely motivated seller, so why try to sell so high? Thanks for y'alls responses.

@Clark Spruill you may be able to make a low offer and do a short sale. If they are losing it anyway then a short sale would save their credit a little bit verses a foreclosure on their record. Regardless what you do the property has to be a solid deal so it makes no difference what they are asking but how much will they accept. The short sale process can be a very educational and frustrating experience so keep that in mind.

If you are 30 days from sale, trying to initiate a short sale within that timeframe would be iffy at best, especially if the property is not listed. Most lenders (All but the ones getting ready to be shut down) would require the property listed on MLS, and be represented by an agent. Adding to that, unless it's a cash sale, chances drop even further.

If seller is selling above market, and you are a cash buyer, why not just bypass that process altogether and show up at the courthouse steps and bid for it?