Need Desperate Help For Foreclosure!
I have a lady in foreclosure and her redemption period ends Aug.27, the bank has turned it over to the attorneys. I can make a deal with the home owner right now. Can I present my offer to the attorneys or do they set the price that they want to sell it for.
This is my first deal and I'm kinda stuck on what to do...
Does anyone have any ideas for me?
Need all the help I can get, Thanks, Tom
Presumably, your Offer will result in sufficient proceeds to satisfy all mortgages, liens, and costs (both pre and post Sale). If that's the case, then get your Offer and Acceptance in writing, arrange for your financing, and instruct your closing attorney to notify the homeowner's mortgagee that you'll be closing ASAP, requesting a payoff.
Thanks ShortSalePro, Also should I do a Title search on the home before I make the offer or after I get the offer agreement signed?
Make offer contingent upon your approval of title.
If owner still has redemption rights they can sell it to you through normal contract assuming that you intend to pay debt owing forclosing party in full and close before end of redemption.