Quick Question - Hope Someone Will Answer Me
When a sold trustee sale property says - "Sold To Third Party" what does that mean. TIA .
When a sold trustee sale property says - "Sold To Third Party" what does that mean. TIA .
That means it was sold to a person other than the defaulted borrower or the foreclosing lender.
If you are buying it through a Realtor, it is either a sale prior to the foreclosure, in which case your payoff will saisfy the bank; or it is a bank REO, which means that the bank has gone through the foreclosure process and now owns the property. I suppose another possibility is that an individual was the high bidder at the auction and is now selling you the property.
In any case, the title company will ensure that the title is clear, or will inform you if it is not prior to closing. You would certainly be under no obligation to go through with the deal if there was not clear title, unless you have agreed otherwise.
Chris
I believe you are buying a REO home subject to the new Fanny Mae rules. You CAN SELL or MORTGAGE the property the property immediately, but not for more than 20% above what you paid for it until 3 months has passed.
After that you can sell or mortgage for any price.
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No problem with flipping the property immediately....as long as you sell it for no more than 20% above your cost.
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bargain 76, Who keeps track of what price you re-sell for? How would Fannie Mae know and do they have a right to mandate this requirement?
true.