can you just pay the full amount of the foreclosure amount listed and avoid the auction process?

Asked by Mike, Parsippany, NJ Sat Apr 25, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2004448947--Iroquois-Ave-L…

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3
William Leigh…, , New Jersey
Sat Apr 25, 2009
MIKE: Short answer, no. Long answer, also no. The owner of a property in foreclosure is the person who bought the property. They can sell it for whatever they want, as long as they pay off the mortgage at closing. The mortgage company does not own the property until after the sheriff's sale and they are the successful bidder. They can't sell it until then.

Full disclosure: I did not even look at the property you cite. If it has been foreclosed already and going to auction because the mortgage company has decided that it is not worth the effort to market it through a Realtor, then and only then, you can make an offer, which, if accepted, can avoid the auction. Your offer may be the foreclosure amount but that may not be sufficient to get the mortgage company to sell it to you. Any owner can sell for only the price they want to get, even at auction. They can "reserve" the property until a minimum is reached, if they so chose.
1 vote
Laura Gianno…, Agent, Manahawkin, NJ
Sat Apr 25, 2009
That property is listed here on Trulia at a little over $4,000. Check to see if the property is listed. I doubt the bank will let it go for that amount.

If the property is not listed, check the county records to find out who hold the lien and contact them.

Laura Giannotta
Keller Williams Atlantic Shore
0 votes
Daren Hall, Agent, Atlanta, GA
Sat Apr 25, 2009
The answer to your question Mike is, yes you can. You can contact the REO Seller or the listing agent that had the property prior to them deciding to auction it and inform them that you would like to make an offer for the foreclosure amount listed.
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