I found a house that is set to sell at auction in three weeks. The owner is willing to sell the home to me $65000 what is owed (Mortgage) plus $15k. is it possible to buy form the owner and stop the auction?
Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
5y
Jason, it's absolutely possible. The rules in every state are very different, so you must talk to an attorney for specifics on how to handle this. Your attorney will want a contact person who is handling the bank foreclosure, among other things. This will probably take a lot of persistence in dealing with a bureaucracy and you want to be proactive at every step of the way. If you act quickly and stay on top of every detail you may succeed in getting your house. Good luck, & let us know how it turns out.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
5y
Since the property is in Dallas, the date of the foreclosure is March 2nd. If you are paying cash, the deal should be able to get done in time. Just get an agreement together and get it to a title company. Financing would require the Trustee to pull the property which is doable in most situations. If there is equity in this property, the owner is receiving letters and phone calls from many who do these type of deals for a living so you need to get an agreement in place asap
Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
5y
Sounds like you would need to attempt a short sale if you are trying to buy for 65K and 80K is owed. Teh question is, what is is worth as-is? If it's worth more than 80k, a short sale may not be possible. Also, the main concern is the foreclosure auction date and trying to postpone it to allow a short sale review to take place.
Lender · Patterson, NY · Member since 2017 · 488 posts · 186 votes
5y
@Jason Hernandez
Let's not over-complicate matters.
If you can pay off the mortgage and costs, i.e., all of the foreclosure costs, plus the owner buyout, just do it. The right if redemption exists up to sale. Who needs a lawyer? Pay the bank, pay the owner, take back the deed. Seems straightforward enough to me.