Foreclosure in Lorton>Question Details

Rod, Home Buyer in Lorton, VA

Have a ratified contract from the seller, moved in under pre occupancy?

Asked by Rod, Lorton, VA Sat Feb 7, 2009

Ratified contract from the seller, moved in under pre occupancy, just got notice home is going to auction what can I do now?

Help the community by answering this question:

Answers

5
I believe "auction" means sheriff sale due to back taxes. I don't believe the notice was for foreclosure.
0 votes Thank Flag Link Sat Feb 7, 2009
If you received notice contact bank direct state you are approved for a loan wanting purchase property, hopefully bank will work with you OR have your buyers agent make all calls. If property goes to foreclosure be prepared to move, HOWEVER bank could offer CFK (cash for keys) where you dont have go thru eviction process.

Confer with attorney legal rights, show executed agreement.

Sorry to hear about this.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 7, 2009
Did you work through a real estate professional?

Consult a real estate attorney ASAP

Good luck
0 votes Thank Flag Link Sat Feb 7, 2009
Did you have a short sale addendum or was the homeowner told you they are behind? you dont have much recourse with seller as per I can think of!!
Bright side of it as you may consider staying until after the fact it is foreclosed and Lenders agent contacts you to vacate the house and then you may show them the contract that you had and try to buy directly from Lender.
Ask the present seller to talk to the lender and tell them you will like to buy after if they are willing to consider to help you!!
There are several ways if you are proactive..
yes, you may try going to auction too and bid but usually they price it too high there.
Web Reference: http://www.Realtygeeks.com
0 votes Thank Flag Link Sat Feb 7, 2009
Did you talk to the Seller?
Is the closing taking place before the auction so debt will be cleared?
Have you contacted the office handling the auction to learn the details?
In this area.....seller can stop the auction the evening before it takes place by paying off the back taxes and fees.

And of course....you may want to contact your attorney.
0 votes Thank Flag Link Sat Feb 7, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer