Buying foreclosure property after Sheriff's auction?
We purchased a property at the Sheriff's auction today. The owner has 10 days to make good on the mortgage. The owner got our phone number and called us today about two hours after the auction. She said that she would appreciate it if we would stay away from the house during that time. She is trying to figure something out - possibly selling? she said. She gave us her phone number if we had any questions. She was very cordial. This is our first foreclosure and this all seems very strange. Since we are the winning bidders, are we able to now go to the owner and make her an offer to buy her house so she does not have to lose it? If we pay her cash in the next ten days, doesn't she get to keep good credit and pay off her mortgage and we still get possession of the house?
Thanks,
Tina
what state are you in???
now in my state if your the winning bidder you just became the mortage co.
We are in NJ.
In tulsa, if you win the bid it is yours, they don't give them 10 day's to pay it.
the forclosure process takes about a year here so they have had that much time to try to take care of it.
Well, here's an update. They still aren't out yet and we bought the place two months ago. We had to get a writ of possession and now the sheriff to locking them out on Aug. 28. But today my lawyer called to tell me there is a hearing on Aug. 25 because they have filed a hardship delay. They haven't paid their mortgage in a year, they were told to leave two months ago, that the house was sold and now they are filing a hardship delay. This is horrible. We have been paying the mortgage now for two months and they are living in the house for free.
GTMac,
This is the cost of doing business.
Keep on with the eviction. You are on the right track. The law is on your side.
I once bought a foreclosure and the lady tried to do the same thing with me. You can't live in a house for free, forever. Especially when SOME ONE ELSE NOW OWNS IT!
Funny thing is 3 years later, she subpeoned me. Seems that 3 years is the statute of limitations with hardship cases and although she had moved out 2 1/2 years prior, she claimed that she still owned the house. I got a chuckle out of that one.
Hope This Helps,
Mrs. Meltzer
gtmac, I am in so. jersey what about you? Lets network!!!
I am in no. jersey. The very top.
Hi Tina!
Wow! This is very interesting to me. I geuss homes at the auctions aren't always vacant? I will be aware of still occupieds will I start my investment journey.
Wondering what happened today. Did the sheriff lock them out?
BTW, I grew up in NJ. I lived in Bergen County until 1994.
Hoping you have possession of YOUR house,
Joli
WHY didnt you offer them money to get out? Did you try to solve their problem? You are now paying for that problem and it hurts doesnt it? Im not saying this to be mean, but you must understand that buying foreclosures at the courthouse can be a very risky business if you arent prepared to protect your position. Why not go and work something out with the 'tenants' and see what they need?
The "tenants" REALLY don't want to leave. They applied last week for a hardship delay, which we had to go to court for (with a lawyer). They showed up with some guy who said he wanted to buy the property for them (at a very nice profit for us). This guy (a friend of the family) said he would buy the house for them and be their landlord and let them stay there. He said he will wire the money into our lawyer's account by next week. My husband decided to give them the benefit of the doubt and postpone the lockout (new date - Sept. 15). I can't imagine this will all work out like this and actually "sell" the property this easily. I am imagining having to still have to lock them out on Sept. 15. There really is nothing to do to help them move out. They just don't want to go. They are still fixing it up as we speak. I will keep you updated.