Quit Claim After Sale.
can i purchase the deed from the owner after a forclosure sale. I did research and there are no more liens on the property. If so can I get in trouble for talking with the owner and getting them to sign it over to me.
kgk3s2,
Glad to meet you.
It depends on how much you are willing to pay the owner for the deed after he has been foreclosed on, what do you think is fair?
I don't know exactly where I am going with this one, so I will see.
John $Cash$ Locke
I was thinking of giving the owner 3000 in exchange for two free months of rent and the keys.
kgk3s2,
Do you understand what a foreclosure is and what happens to a property?
I am trying to help you here, but I beleive you may need a little guidance.
John $Cash$ Locke
Yes! The forclosure process has already taken place. I really just wanted to takl to the owner about the property to present a possible sale to lease back offer. I just did not know if giving the owner a cash settlement was legal. The lender now holds the certificate of sale certificate. They got the bid for 41,000. I want to pay that but I know they want more. If I had they owner sign the quit claim over to me then I could redeem it for 41,000 plus fees, etc.. I also did not know if the person filed bankruptcy and if so how it may affect everything.
If they filed for a chapter 7, you will need to talk to the bankruptcy trustee and/or the mortgage holder. They should be able to tell you what can be done from that point.
The bankruptcy trustee is public info from the internet by searching the owner's names or call the BK court in Denver.
Go to http://pacer.psc.uscourts.gov to register.
They charge $.07 per record researched.
Good luck.
[ Edited by bergvw on Date 06/01/2004 ]
So I understand slightly better, what state are we talking about (state the property is in)? Redemptions are interesting.
John
[addsig]
the stae of colorado.