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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Contract to purchase after foreclosure..... Posted by IE Brian on May 07, 2010 at 9:34 AM In Reply to: Contract to purchase after foreclosure..... posted by Apex on May 06, 2010 at 11:07 AM : I am trying to buy some properties that are int eh foreclosure process right now. I was wondering if anybody has heard of entering into a purchase contract on a property in anticipation of it being foreclosed upon? : The properties are owned by a private investor that holds two notes on four properties. He basically wants his money back, but the properites are worthless unless foreclosed upon. : I was thinking that he could have his minimum price at the sheriff's sale be Really high so nobody bidding can get the properties. HE can then take them back then I can buy them immediately from him? : So basically I would have a purchase agreement or agreement to purchase directly after foreclosure is complete. : Comments? * * * * * * * * * * * * * * * * * * * OK, I'll take a stab at it. I'm not near as well versed in the subject as other people around here, but I'll try: You can't enter a contract to sell property that you don't have rights to. In an A-C transaction, B has a contract to purchase, so he can enter a contract with C. In your situation, the investor doesn't own the property or have a contract to purchase it. If the property sells at the trustee sale, what happens to your contract? At the sale, the investor can't just "set the price really high". The maximum allowed is the amount due on the loan plus expenses. Besides that, why would the investor want to avoid an all-cash sale at the TS? I think no one is responding to your post because this idea is doomed from the start. Oh, and why are the properties "worthless unless foreclosed on"? What does that mean? Follow Ups: Re: Contract to purchase after foreclosure..... Apex 9:52 AM, 05/07/10 (5) Re: Contract to purchase after foreclosure..... Rick Harmon 10:21 AM, 05/07/10 (4) Re: Contract to purchase after foreclosure..... apex 12:20 AM, 05/07/10 (3) Re: Contract to purchase after foreclosure..... BTI 9:19 AM, 05/10/10 (2) Re: Contract to purchase after foreclosure..... apex 10:49 AM, 05/10/10 (1) That's what your attorney is for (NT) Rick Harmon 4:03 PM, 05/10/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I am trying to buy some properties that are int eh foreclosure process right now. I was wondering if anybody has heard of entering into a purchase contract on a property in anticipation of it being foreclosed upon? : : The properties are owned by a private investor that holds two notes on four properties. He basically wants his money back, but the properites are worthless unless foreclosed upon. : : I was thinking that he could have his minimum price at the sheriff's sale be Really high so nobody bidding can get the properties. HE can then take them back then I can buy them immediately from him? : : So basically I would have a purchase agreement or agreement to purchase directly after foreclosure is complete. : : Comments? : * * * * * * * * * * * * * * * * * * * : OK, I'll take a stab at it. I'm not near as well versed in the subject as other people around here, but I'll try: : You can't enter a contract to sell property that you don't have rights to. In an A-C transaction, B has a contract to purchase, so he can enter a contract with C. In your situation, the investor doesn't own the property or have a contract to purchase it. If the property sells at the trustee sale, what happens to your contract? : At the sale, the investor can't just "set the price really high". The maximum allowed is the amount due on the loan plus expenses. Besides that, why would the investor want to avoid an all-cash sale at the TS? : I think no one is responding to your post because this idea is doomed from the start. : Oh, and why are the properties "worthless unless foreclosed on"? What does that mean? [ 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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