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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: In this case, at the auction Posted by Ward-CA- on November 24, 2001 at 10:36 PM In Reply to: buy before foreclosure or at auction posted by Renee on November 24, 2001 at 7:03 PM : I have been attempting to purchase a home (in KY) where the owners have filed bankruptcy and agreed to sell to us. They hardly return our realtors calls and have not been able to comply with the contract they signed with us. Now we've found out that the house is in foreclosure and to be auctioned 12/11/01. We know there are 2 mortgages but the bank foreclosing is a different bank than the 1st 2. Did they buy it from them? Our realtor is still trying to work with the sellers but it seems the price would involve all their debts. Would we be able to bid and win at the auction or would professionals or the bank be able to out bid us? We are willing to pay far more than the amount listed to "be raised" but not the amount to get them out of all their debts. What are our chances? ========================= Renee, in this case if seems that your best chance is to buy at the foreclosure sale. There's no predicting who will be bidding against you and whether you'll be able to get the deal at all. But initially your bets look better at the sale. I have bought the majority of my foreclosure deals at the sales so I'm confident you'll prevail. No, not every time, but often enough to make it worth your while. Good luck Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have been attempting to purchase a home (in KY) where the owners have filed bankruptcy and agreed to sell to us. They hardly return our realtors calls and have not been able to comply with the contract they signed with us. Now we've found out that the house is in foreclosure and to be auctioned 12/11/01. We know there are 2 mortgages but the bank foreclosing is a different bank than the 1st 2. Did they buy it from them? Our realtor is still trying to work with the sellers but it seems the price would involve all their debts. Would we be able to bid and win at the auction or would professionals or the bank be able to out bid us? We are willing to pay far more than the amount listed to "be raised" but not the amount to get them out of all their debts. What are our chances? : ========================= : Renee, in this case if seems that your best chance is to buy at the foreclosure sale. There's no predicting who will be bidding against you and whether you'll be able to get the deal at all. But initially your bets look better at the sale. : I have bought the majority of my foreclosure deals at the sales so I'm confident you'll prevail. No, not every time, but often enough to make it worth your while. : Good luck 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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