As Yogi Berra once said, “It’s never over, until it’s over”. He must have known something of foreclosures when he made that statement.
Cindy, working foreclosures are different in every state, howevr, most, if not all will allow you to buy the home out of 4closure right up until the sale. The mtg co is not really interested in foreclosing, but they are wanting to get paid, per their mtg agreement, so if you, as an investor, can facilitate that goal, they will usually be receptive. However, this many times will need to worked through their attorney, who is handling the FC, for the mtg co.
In some state, such as Ohio, which is where I work most FC sales, they have a process called “Judicial Confirmation”, which takes place after the sale, usually in 3 to 5 seeks. In Ohio, (and other similar states) an owner can redeem, which means pay-off their mtg up until it is confirmed, so even after the sale, you could work out a deal with the owner, to assume their rights, and pruchase the property, if done correctly and expeditiously. So, as Yogi said, it is never over until the Judge says it’s over; or something like that!
We are new to real estate investing and I need some info re buying foreclosures. We recently subscribed to our county’s Daily Court Reporter. In it, it has dates for houses to go to the Sheriff’s sale. When a home is scheduled for the Sheriff’s sale, is it too late to contact the owners to try to purchase their home? When is it too late to contact a homeowner dealing in foreclosure (the red tape has started and will continue for at least a year, keeping the house from being able to be sold)? We want to start contacting people re foreclosures, but we want to make sure we are doing it correctly. Thanks!
One great site I found on the internet that has all kinds of information about foreclosures is a site called www.foreclosureleads.com. You might want to try them out for a lifetime fee, but they give you new listings every week of every city/county in every state. They also have bank information on their site on where you can contact local banks, or banks in areas you’re looking to work on foreclosures, so you can write to them and ask them for listings.