Posted by Bill Jacobsen on October 06, 2007 at 11:17:03:
It sounds like the home went to auction and there were no acceptable bids. The lender became the owner and has enlisted a brokerage company to sell the house. The agent has received an offer from someone and will present it to the lender. If the lender accepts the offer the house is no longer for sale. If they do not accept then the agent will continue to look for a buyer. If that is the case you would present an offer to the agent.
Also, your state may have rights of redemption. This gives the right to your sister to pay the value of the house and get it back. If this is the case, you could buy her right and exercise it and then sell the house back to her.
On a personal note, I don’t recommend getting into a debtor situation with friends or family.
I will like to apologize in advance for this long post. I will try to be brief. Last month my sister lost her home to forclosure(she failed to tell me what was going on). She still remains in the property, and have since had a visit from an agent who stated his brokerage have been retained by her prior lender. This agent has taped a letter stating a “keys for cash” program to her door. I contacted the agent and he confired attaching such a letter, and was asked through the lender to determine if the home is vacant or occupied at which he utilized some tool and upon entering activated her alarm system. This agent stated his brokerage has submitted an offer to the bank. Today she received a letter from the lenders trustee stating the home sold on the date of sale, and upon ratification of sale, they will initiate an order of possession. My sister went through a terrible career transition this year which effected her finances, Now she has a wonderful job that pays six figures and she will like to keep her home, My question is. 1. Can I purchase this home, and do a contract for deed with her? 2. Do I submit an offer to the lender or agent/broker? I have been in contact with my attorney is gaining assistance.
Thank you for your patience and time in reading this. All responses are greatly appreciated.