Trustee Foreclosure Sales
A newbie has a question. I want to purchase a home that has already has went to notice of sale with a date. I would like to ask anyone what the process is of getting the property purchased before it actually goes to the sale. I read somewhere where JohnLocke had mentioned something like having the bankruptcy trustee release the property with the use of a full homestead exemption. Did I quote you correctly John, and if so, who is the one that initiates the homestead exemption, we, the buyers or the home owners? There are two properties that I want to purchase before they go on sale, both are in bankruptcy, I already have tried to ask the trustee, which is CTC real estate services, if I could purchase them and they told me know. Basically, how do I get the sale stopped?
I will let John L answer part as you requested, but share with you my way of buying preforeclosures.
I normally have the homeowner warranty deed the subject property into a trust and in turn agree to pay all back payments, taxes, legal and late fees and bring them into a beneficial interest of the trust (partner) for a percentage of any net proceeds.