Guggilu the time to act is now! This person may be looking to sell and come away with some money butthat may be impossible depending on the market. What you need to know is the value of the property? How much does he owe? If there is equity in the property this may be hard to do, but if he owes more than the property is worth you'll be in the driver's seat. The cost to foreclose is many thousands of dollars and then their is no way for the bank to win out.... more
I have 2 answers for you. 1st, it is possible the "owner" was scammed. 2nd, you can go to the County Recorder's office, look up what documents were recorded, dates and types of docs. (In some Counties, these are on the internet) If this "owner's" name didn't come up, he is either, not the owner, or bought it on contract for deed. Why hasn't this person shown you his contract and/or deed. I would be more suspicious of him if he can't provide the proof.
Your Northern Colorado Expert