Hello, can a home be wholesaled/sold before the foreclosure auction? Does the owner need permission from the bank to sell that property?
Yes it can be sold, but as s wholesaler, particularly a beginner, you shouldn’t be playing with people in foreclosure.....the last thing they need is you tying up their property so they can’t sell it to a real buyer, then you end up walking away because you couldn’t flip it.
Originally posted by @Melanie Diaz:
Yes, you can sell a home before the foreclosure auction. Thereafter, you have to pay all the mortgage payments, penalties, and fees. When you decide to sell a home, you have to inform your lender and need to assure him that you are selling the property for a mortgage payment. As the foreclosed home is difficult to sell, try to convince the lender to allow its sale before the auction. Also, you can request to postpone the foreclosure auction.
Nothing you wrote is accurate other than your first sentence, that being that yes, you can sell a home before the foreclosure auction. "Thereafter"? Thereafter what? Thereafter you sell it? if you "sell it before foreclosure auction", there are no mortgage payments, penalties or fees, because it sold.
When you (Who?) decide to sell the property (I'm assuming you mean, after you already sold it while it was in foreclosure?), you do not need to inform your lender. What you need to do is, get a payoff demand from the lender. You do not need to assure them of anything. All you need to do is, pay the loan off. The lender doesn't need to be convinced to be allowed to sell it as they don't own it.
Maybe you meant something different than what you wrote?