Posted by Ronald * Starr(in No CA) on January 27, 2003 at 20:44:21:
Scott-------------------
Given the information you have provided, I find it impossible to give you advice.
The word “foreclosure” is quite vague and sometimes is used by people to mean properties owned by lenders after the actual foreclosure sale. So, I’m not sure if you bought a lender-owned property at some auction after the foreclosure sale or if you bid at the actual foreclosure sale and were the winning bidder.
Then I don’t where you are so I don’t know what kind of a foreclosure sale it was, if you bought at the foreclosure sale. It could be either a judicial or a nonjudicial sale. In some states, but not all, which have judicial foreclosure sales, there is a right of redemption after the auction. If that is so, you shouldn’t be doing much until the right of redemption, if there is one, has expired.
If you have not already put hazard insurance on the property, you should do that immediately. Stop reading your e-mail and do it right now, I suggest.
You may need to wait until you obtain the actual deed to the property. If the property is occupied, you probably will want to consult with an attorney about doing an eviction. But, this is the sort of thing to wait until you have a deed and any right of redemption, if it exists, has lapsed.
I hope you studied the law on foreclosre sales in your state if you bought at the foreclosure auction. If not, do so now. You might find some ideas there. I recommend reading annotated statutes of your state at the law library, not just the “black letter law” which appears on the internet. Difference: discussion of lawsuit outcomes, history of the legislative wording, etc, gives a better idea of what is happening.
Also, If you have not already done so, you should check the title of the property to be sure that you are not liable for more than you thought. For instance, suppose you now find out that there is some encumberance against the property which is not removed by the sale and the total owed is more than the property is worth. Were I in that situation, I would not be doing any repair work on the property, because I know I am going to be losing my donkey/mule/*** anyway.
Good InvestingRon Starr***