Home Buying in Brentwood>Question Details

Emikrut, Home Buyer in Brentwood, CA

If a property is for Auction could you buy it from the bank before the Auction date????

Asked by Emikrut, Brentwood, CA Wed Oct 24, 2012

Help the community by answering this question:


As stated below, it would more than likely be a short sale. Have your agent contact the homeowners to see it they are willing to cooperate with a short sale.
0 votes Thank Flag Link Thu Oct 25, 2012
The Right of Redemption is undoubtedly spelled out in your Loan papers:
You may not have a RofR after the Foreclosure date (date of Trustee Sale).
These are things you should check with a Real Estate Attorney.
You (also checkable) would need to pay any back payments, interest, and penalties.

The Attorney would be the person to represent you with your Lender too; for some reason, they tend to listen to them better.

Good luck and may God bless
0 votes Thank Flag Link Wed Oct 24, 2012
Good question, you would have to contact the owner of the property and see if they want to sell it directly to you. If the seller owes more than it's worth, he has to get approval from the mortgage bank to sell it for less than owed (known as a short sale). Every property is unique. Please call me if you would like me to get you specifics on a property that you have your eye on.
Have a great day!
Adda Renner
0 votes Thank Flag Link Wed Oct 24, 2012
If you wanted to buy a home prior to trustee sale than you would have to work with a Agent and current home owners to work out a offer and have the owners agree to work thru the short sale process. Typically to be somewhat safe you need 7-10 days prior to sale date to stall it out and opt for a short sale.

Short selling vesus foreclosure is a huge benefit to the majority of home owners due to CA state law.

if you need more help or personalized advice dont hestitate to call me for a private in office consultation


Good luck
0 votes Thank Flag Link Wed Oct 24, 2012
You do not NEED to work with an agent. A buyer could handle any transaction directly , with much risk. Having a lawyer would be a smart move. As a former RE agent, the agents on this board should stop making it sound like "legally you NEED an agent"
Flag Fri Nov 2, 2012
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