Preforeclosure and auctions and wholesaling!

3 Replies

Hey guys!

Don't know if this is a preforeclosure question or a wholesaling question but lets give it a shot.

So lets say a house is in preforeclosure and the auction date is in 15 days. Is it possible to still get the property under contract and assign/wholesale it? The auction is a live auction conduction by auction.com.

Thanks guys!

for most this can't happen... unless its a true trustee sale.. 

If its an auction dot com on line auction and not a trustee sale then no you have to close then sell. cant assign contracts with those folks. this specifically keeps the wholesalers at bey and allows investors a chance to go direct with out those pesky daisy chain deals.

Most cant do a 15 day close either.. unless they are pro's IE have the cash in the bank and know how to do their own title searchs or have a premier account with thier title company that will fast track and do a clsoing in 3 days or so.. It can be done I have done it.

I have also done a ton of pre foreclosures day before it went to sale recording my deed myself the day before.. and sending a courier with certified funds to the trustee by 5pm the day before ..

Provided that this is truly a pre-foreclosure rather than an REO auction, yes, this is possible. All the lender cares about is the money, not who it comes from. If you have cash buyers and the numbers work, all good. Get the $ to the lender before the deadline. We always contact the foreclosing attorneys to get payoffs and payment requirements and also to alert of a pending sale.

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