Posted by Linda (OH) on October 09, 2000 at 20:59:55:
BK was filed way back in Nov.'98. Thanks for the suggestion though.
Sheriff sale is Tues./contract question - Posted by Linda
Posted by Linda on October 08, 2000 at 07:23:21:
Hello!
I hope you can help me.
I need to know if a purchase agreement with contingencies will stop a sheriff sale that is two days away?
I have a woman who wants to sell me her house but the numbers are too tight to pay off all existing liens. If I wrote up an agreement with the contingency of me ?being able to get the second and third liens discounted to my
satisfaction?, would that be acceptable to the foreclosing lender? (Their lien is relatively small compared to the
value of the house, so they?d definitely get their money at the sale).
Who do I need to fax the contract to besides the attorney for the lender? Is there anything I have to do/file to stop
the sale?
What if the contingencies are not met (meaning I don’t get them to reduce their liens enough) and I have to walk away from the deal? Are there any repercussions for me?
Thank you so much for your help!
Linda
Re: Sheriff sale is Tues./contract question - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on October 08, 2000 at 07:54:40:
Linda,
The only way to stop the sheriff’s sale at this point is to bring the loan current, in cash (or acceptable equilant) before the sale takes place. The lender who is foreclosing will then stop the sale. If that does not happen then the sale will take place.
Thers will be a few other costs as well such as; fees for the foreclosure filing, attorney fees, appraisal fees, the sheriff’s fee, that will also need to be paid to clear title when a sale is stopped.
Your idea of a contract with contingencies is a good one, if you had considerable time to work with it. Unfortunately you are out of time at this point. The court system knows little about creative real estate transactions (and cares less). To make your situation work you need time to work with the lender and the owner. Time has run out. If there is sufficient equity in the mortgagee’s position it is not too likely that they will negotiate anyway.
Re: Sheriff sale is Tues./contract question - Posted by Julius Levai
Posted by Julius Levai on October 09, 2000 at 01:43:16:
What happens if (s)he files for BK? Will it not buy some extra time? Just wonderin… JL