Purchase the Note or go to Auction?
Hello everyone,
I've been negotiating a short sale that is now going to auction next week. I have a buyer lined up and the bank approved my Purchase with a great spread. The problem came when the condo association wanted too much money to release their lien that the bank or myself was not willing to give.
I've had no experience on note buying but is that a viable option in this case if I present it to the lender? This is a very small bank that will likely consider it, but what will happen to the other liens if I purchase the note from the bank?
Right now there is a tax lien, sewer lien, and a condo assoc., lien.
I know if I get this at the auction the condo and sewer will get wiped out but I really don't want to risk a bidding war.
Any advice would be a great help, this goes to auction on Thursday and I don't want to lose it!