sonnijay27, Home Buyer in Colorado Springs, CO

I am interested in purchasing a home that went into foreclose and the sale date will probably be set tomorrow.

Asked by sonnijay27, Colorado Springs, CO Tue Aug 19, 2014

I have been working with a real estate broker for over 2 months, who hasn't had any response from the owner. Current broker says it probably would be best to just wait until after bank takes possession. I was renting home and hoped I could buy the home and not have to move, at least not permenantly. Any advice on how I should proceed or suggestions. In CO.
Thanks

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Actually you can attend the trustee sale and bid on the home. If the Bank chooses to sell/discount for a better price there might be a flurry of activity while cash investors bid.. The only catch is you need cash. If it isn't sold to an investor at the court house steps the Bank keeps the trust deed and will eventually complete the foreclosure. At that point another department takes over and it is anyone's guess when the property will eventually marketed for sale.
0 votes Thank Flag Link Tue Aug 19, 2014
So you are renting the home from the owner that is under foreclosure and they have not responded to you? Why are you handling this through a broker? Go directly to the homeowner (i.e. your landlord) and offer to purchase the house. Selling the house before losing the house to the bank will look better on his credit record and will be a lot less stressful.

The problem here is that if the bank takes over the house, you may not be able to buy it for many months. It depends if the owner has a right of redemption. If so, the bank cannot sell it until the time expires. They also can be known for sitting on their foreclosures for months - not even considering offers.

Another option is to wait until the property goes up for auction and then go and bid on it. The caveat here is that you will most likely need to have 100% of the purchase price within 24 hours, depending on the requirements in your area.

Personally, it sounds like your broker isn't fighting for your interests. If you qualify for a bank loan, I cannot see why both the owner and the lender wouldn't jump on this idea.
0 votes Thank Flag Link Tue Aug 19, 2014
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