Badjer, Home Buyer in Lexington Square, Mi...

When a property is scheduled for public foreclosure auction, can I buy that proprty before the auction.?

Asked by Badjer, Lexington Square, Missouri City, TX Thu Dec 30, 2010

Help the community by answering this question:

Answers

2
Yes you can purchase any property before the auction but to better understand the process you would also need to understand the foreclosure process in the state where you plan to buy. In all negotiations it is important that the registered owner agree to have you purchase the property.

Investors have been known to purchase deeds all the time before the auction is held, and bring the mortgage current while they continue to market the property. Investors often opt to bring a mortgage current before they attempt to payoff the mortgage because most states have laws which allowed the registered owner at the time of deed transfer some recourse to claim the equity in the property at a later date, if it is proven they were defrauded. To avoid these claims investors simply bring the mortgage current. These laws cease to be relevant if at the time of deed transfer the property is not in foreclosure.

To review the foreclosure laws in your state you can click the link and select your state, http://www.worldclassmemberservices.com/ForeclosureLaws.html
0 votes Thank Flag Link Thu Dec 30, 2010
Hello Stevie,
Sorry, but the answer is no. You must wait for the auction.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Thu Dec 30, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer