If you will contact the financial institution directly you might have time to buy it ! The owner still owns the house, but the bank should have a department that handles the foreclosures and they should be willing to try and "make a deal" between you and the actual owner ... It would be worth the trouble to contact them.... more
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... more