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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I'd Advise Not Rushing Into Things Posted by SeanW on September 09, 2003 at 1:51 PM In Reply to: advise needed, purchase of bank forclosure posted by JoeZ on September 09, 2003 at 12:27 AM >>> I have never done this before, they require 30k certfied check for biding privilage. The owner is still in the house and the winning bid is responsible to remove him. I will not be able to look at the house inside condition do to the above. however, the property alone is worth around 90K. ------------- Two weeks sounds like something of a rush to me. I just bought my first trustee's deed today, and it's taken me over a year of study. There are new foreclosures every day. If you spend a few months learning the ropes before attempting to buy anything, I'm sure there will be something else that catches your interest. Possibly better. >>> Questions: should I wait for the auction and how can I prepare myself / can I approach the bank before the action / can or should I approach the owner or his lawyer before the auction. ------------- The bank can't sell the house before the auction. They could assign the loan to you, but I doubt you'd want a defaulting loan that you must foreclose on yourself! >>> What is the best route, please. THANKS ------------- Let the house go to sale, and see if the bank is the only bidder. Then approach the bank one day after the sale closes, and offer them a smidgen over what they paid. Buy the house "as-is", but stipulate that the property must be vacant, so the bank is saddled with the bother of getting the old owner to leave. Get title insurance and use an escrow service like any retail land transaction Follow Ups: Not Rushing Into Things JoeZ 2:06 PM, 09/09/03 (1) It was settled before it went to auction JoeZ 9:21 AM, 09/11/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : >>> I have never done this before, they require 30k certfied check for biding privilage. The owner is still in the house and the winning bid is responsible to remove him. I will not be able to look at the house inside condition do to the above. however, the property alone is worth around 90K. : ------------- : Two weeks sounds like something of a rush to me. I just bought my first trustee's deed today, and it's taken me over a year of study. : There are new foreclosures every day. If you spend a few months learning the ropes before attempting to buy anything, I'm sure there will be something else that catches your interest. Possibly better. : : >>> Questions: should I wait for the auction and how can I prepare myself / can I approach the bank before the action / can or should I approach the owner or his lawyer before the auction. : ------------- : The bank can't sell the house before the auction. They could assign the loan to you, but I doubt you'd want a defaulting loan that you must foreclose on yourself! : : >>> What is the best route, please. THANKS : ------------- : Let the house go to sale, and see if the bank is the only bidder. Then approach the bank one day after the sale closes, and offer them a smidgen over what they paid. Buy the house "as-is", but stipulate that the property must be vacant, so the bank is saddled with the bother of getting the old owner to leave. Get title insurance and use an escrow service like any retail land transaction 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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