Posted by David (Los Angeles) on January 31, 2005 at 21:43:28:
If your state has a right of redemption, you can approach the homeowner and either buy his right of redemption outright or offer to partner with him to redeem the house after the auction.
If you’re trying to get the REOs, you’ll be approaching the realtor who handles the properties for the lender in most cases. Watch them to see who’s handling them when they appear on the MLS.
How to buy houses the day AFTER the auction - Posted by Stephen Ford (ga)
Posted by Stephen Ford (ga) on January 31, 2005 at 19:48:15:
I’ve meet two people who are in my area that buy houses the day after the auction. Being that we are in the same area, the details on how to do this were very slim.
Ok, I understand to do all the send letters, knock on doors, look through windows (if no one lives there anymore) and get comps, an idea of repairs in hopes of getting it before I’ve got to pay all cash… Go to auction and have it get taken back by the bank (I noticed one of people simply looking through the lawyers notes on what didn’t sale)… AND… AND… NOW WHAT? Do I call the lawyer handling the case, call the mortgage company… I can see the wisdom of having a bid with the paperwork to back it up ready the next day but how do I get it to the right person before it gets listed.
Thanks so much.