Posted by deirdreb on July 06, 2002 at 18:37:23:
Thanks. I will check it out.
Pre-foreclosure Help! - Posted by deirdreb
Posted by deirdreb on July 06, 2002 at 12:07:47:
I want to purchase a distressed property from the owner, but we can’t go to settlement before the foreclosure sale. Will a sales contract stop a foreclosure sale? I don’t want to buy it at the sale, because the property may get bid up. Please offer me some advice. - Thanks.
Re: Pre-foreclosure Help! - Posted by Juan
Posted by Juan on July 06, 2002 at 13:21:15:
Give me some details? FMV, what do you want to offer, condition of property, LTV, time frame? Is your offer a cash offer (or hard money loan)?
The contract might slow down the process but there are some of contingincies.
Juan
Re: Pre-foreclosure Help! - Posted by dierdreb
Posted by dierdreb on July 06, 2002 at 18:35:40:
The contract is for cash with a 30 day closing. What type of contingincies?
Read your state’s foreclosure law - Posted by John Merchant, JD
Posted by John Merchant, JD on July 06, 2002 at 15:35:33:
I’d strongly suggest you find and read your state’s statutes on foreclosures.
Look at www.martindalehubbell.com, or one of the many other law sites and find your state’s statutes and read carefully. Foreclosure law differs a good bit from state to state, and anyone dealing with a F. needs to know what his/her rights are, and what legal obligations of the foreclosing mortgage holder are.
Re: Pre-foreclosure Help! - Posted by Juan
Posted by Juan on July 07, 2002 at 16:56:00:
What are you paying? Have you talked to the bank?
If you could answer these questions along with the other questions I asked before I could help you a little bit better.
Thanks,
Juan