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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: buying bank note Posted by Ward-CA- on July 01, 2001 at 10:45 AM In Reply to: buying bank note posted by bryan on June 27, 2001 at 10:39 AM : Hello, : Can anybody tell me the advantage of buying the note from the bank on a property that is being foreclosed on? I noticed a few posts about this subject but nobody really explained the process or the advantages. : I am located in New York City. : Thanks : Bryan =•=•=•=•=•=•=•=•=•=•=•= Bryan, a common thought of new foreclosure investors is to purchase the note that’s in foreclosure, thinking that it would allow them to control the ongoing foreclosure sale via postponements in such a way that their opening bid would be the only bid for the property. That way the new note holder would get title to the property without any pesky competition. In many states, like CA, there are specific rules prohibiting any activity by anyone that would result in “bid chilling”—conduct that aims to limit bidding at the foreclosure sale. And in those areas that don’t specifically outlaw the practice, a good homeowner’s attorney could sue to set the sale aside where such interference is evident. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello, : : Can anybody tell me the advantage of buying the note from the bank on a property that is being foreclosed on? I noticed a few posts about this subject but nobody really explained the process or the advantages. : : I am located in New York City. : : Thanks : : Bryan : =•=•=•=•=•=•=•=•=•=•=•= : Bryan, a common thought of new foreclosure investors is to purchase the note that’s in foreclosure, thinking that it would allow them to control the ongoing foreclosure sale via postponements in such a way that their opening bid would be the only bid for the property. That way the new note holder would get title to the property without any pesky competition. : In many states, like CA, there are specific rules prohibiting any activity by anyone that would result in “bid chilling”—conduct that aims to limit bidding at the foreclosure sale. And in those areas that don’t specifically outlaw the practice, a good homeowner’s attorney could sue to set the sale aside where such interference is evident. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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