Wholesaling a pre-forclosure

[Eisenmyer Princima]

Can I purchase a property to wholesale that is to be auctioned off in two weeks at a county foreclosure auction. According to public record it is not bank owned

[James C.]

Eisenmyer,

Yes. 

High level process overview:

Put the property under contract with the owner. Make 110% sure that you can complete the transaction (cash, HML, private investor).

Set up escrow, and have the title attorney find out the total payoff amount, and to whom it is owed. Make sure the title is good (sometimes foreclosures are done to fix title issues that cannot be fixed otherwise, or in lieu of a quiet title suit).

Close the property, best before the two weeks is up.

Wholesale it out.

Sometimes, if the property is under contract, the foreclosing entity will postpone the auction.

Good Luck,

Jim