Does anyone here in the forum know much about how long it usually takes for a real estate attorney to get a court approval from foreclosure trustee and the Superior Court after filing a Motion to Substitute Purchaser?
I’m basically trying to purchase a foreclosed property in DC from Seller who won it from the auction. He claimed that his attorney said it would take up to three weeks to get court approval after the filing. I have my suspicion that is not true since it is my understanding that foreclosure process is typically pretty slow especially when it comes to Superior Court. Three weeks lead time I think is too optimistic. This is somewhat a big concern for me since there are accrued interests associated with the auction that I will be responsible paying at settlement based on terms Seller proposed.
If anyone here has experience or knowledge about that process, please do kindly chime in. I’d greatly appreciate any inputs you bring here.
Motions practice is governed by Rule 12-I. You’ll get your signed Order in 3 weeks, give or take a day or two (unless opposed, which is quite unlikely given that the original purchaser will remain obligated).
Thanks Tom for your response.
Sounds like the typical lead time for Motion to Substitute Purchaser seems accurate as up to 21 days per info I found online re: Rule 12-I Motion Practices.
One more question I have for you:
What could be other possible reasons for delay with the assumption that Original Owner of the foreclosed property or the Bank who took it to auction gives their consent on the assignment contract between me and the Seller to proceed with the motion filing afterwards? Just wanted to understand what implications that can trigger a delay.
Nobody is going to consent to your assignment. The foreclosed owner has no interest in the property anymore and the bank doesn't care who the deed is to as long as they get their money. The Trustees cannot convey to anyone other than the high bidder unless you obtain that Order.
What could cause a delay? The owner could file an objection or motion to set aside the sale... or there could be a procedural issue with the foreclosure itself.