Is there any hope or is it to late?
My roomate owns a condo, she owes a lot of money, she had a court but she did not go, now in the mail she had a letter from Court saying that they will sell to the highest bidder for cash on May 14.
My question is "Can I still buy the property from her or is it to late?"
Thanks so much in advance
Blanquitaqui
Blanquitaqui,
If you have your ducks in a row, you can still purchase the property before May 15, but you will have to pay for the late fees, attorney fees for the bank, any deliquent or arreared taxes, and perhaps there are other leins on the property.
If you are getting a bank loan, it will probably take 30 + days, to get your financing.
If you are paying cash, you will still want a title report, which could take 1-2 weeks.
So if you really think this property is one that you would want to purchase for personal reasons, you may be short on time to do a conventional deal.
Think the numbers through again, and if it doesn't make financial sense, I would caution you to make a new decision, based on new information.
Best of Success!
BAMZ