How to buy property after they have placed a foreclosure notice in the paper without going to the auction.?
Question:
Answer:
Contact the lender that is doing the forclusure. Just don't forget that the competition is probobly doing the same thing.
If you want to be really smart about this then you should just solicit owners who are having trouble making payments and work out a deal with them BEFORE it goes to forclosure.
Just remember that a house can get forclosed on for many reasons such as not paying property taxes, etc.
You can not...sorry
contact the place that foreclosed
It is a little difficult, but possible. If the property is still being lived in by the owner, approach them to find out what their mortgage pay off is and perhaps offer it plus a thousand bucks for their trouble. Anyone getting their house foreclosed upon would much rather avoid it if humanly possible due to the lingering damage it does to their credit (a thousand times worse than a bankruptcy). If the property is vacant, you have to do a little snooping at the county court house and find out who holds the mortgage(s) on the property and simply offer them the payoff amount. If you were to offer less, they have absolutely nothing to lose by letting it go to auction. The hard part is finding the correct contact person who can make the decision for the lender to liquidate the house. All of this can take time, perhaps more time than exists between the time it is published in the paper and when the auction is actually held so you need to be proactive in getting foreclosure information. Sometimes this information is provided on-line through the local county government website, but often it isn't and would require you to physically go to the court house to find out such information.
There are so many ways to purchase pre-foreclosure properties now before they go the sale at the auction. I work in a Real Estate office that specializes in ONLY pre-forclosure properties. You can of course view these properties on Public Record or take a trip to the county court house but one of the best ways is to research local Investment Groups in your area and attend a few of those. Most people at those types of meetings are looking for buyers who are interested in purchasing these types of properties and most have a Buyers List that you can join so that as they come across other foreclosure investment properties they will e-mail the information out to you. I would recommend looking in the area that you live and seeing if there are any real estate offices or anyone who specializes in "Short Sales" (as we do). A "Short Sale" is when the homeowner owes close to if not more than the property is worth and the person who locates the house negotiates with the homeowners lender to take a discount and then wholesales out the propety to other buyers. This is an excellent way to get into a property under market value and flip it, live in it, or rent it out! Hope that helps!
You can buy a foreclosure property before the auction by getting a purchase and sales agreement with the seller who still owns the property before it goes to auction.
The debor owns the property till the date of the foreclosure sale or redemption period if there are redemption rights.
Any lender is not allowed to release any infromation to you unless you have the debtor's consent. Any lender or attorney who does is in valiation of the fair debt law.
Therefore you will need to work with the debtor. Remember they are going thru a hard time and are very scared. And probably had numerous people call them already. And will be buying the house from them directly. Time will be of the essences and will need to be completed prior to the foreclosure sale date.
If the debtor is not willing to sell their property to you, you will need to bid on the property at the auction.
The attorney's office is the person to speak to. Ask them if money is due at the time of sale or if you have "x"amount of days ,also you can see if they have an opening bid.
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