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Jeffrey Yates
  • Investor
  • Delray Beach, FL
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Foreclosure has equity, but homeowner won't sell to anyone!

Jeffrey Yates
  • Investor
  • Delray Beach, FL
Posted

I found a good potential deal a few towns over from me. The bank issued a default judgement for an amount which still leaves some equity in the house, but it is set to go to auction in two weeks if the balance goes unpaid. I know that once it does, any deal that once existed will get bid up into oblivion. So I have to act now!

Homeowner is unresponsive and unwilling to sell to anyone, likely due to some clouded judgement as a result of drug use (apparently, according to neighbor I spoke to yesterday).

Is there ANYTHING I can do, speak to the bank/attorney/etc. to purchase the property ahead of auction/foreclosure?

I'm fairly certain the only thing I can do involves getting the seller to sign the deed over to me and maybe offer him some walking money to motivate. IF that's the case, I can still keep trying, but what are the documents I need? Is it just a quick "quit claim" and would that be strong enough so when I paid off this guy's foreclosure judgement I actually have rights to the house?

Thanks in advance! Hoping someone has some "ninja" moves for this one!

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Brandon Turner
#3 Questions About BiggerPockets & Official Site Announcements Contributor
  • Investor
  • Maui, HI
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Brandon Turner
#3 Questions About BiggerPockets & Official Site Announcements Contributor
  • Investor
  • Maui, HI
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@Cal C.

  • Brandon Turner
  • Podcast Guest on Show #92
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