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Posted by Keith(CA) on November 27, 2004 at 17:44:37:
In Reply to: Auction Date Looming in Califronia- Advice Needed posted by Madelynn on November 26, 2004 at 23:49:30:
Madelynn,
Adding to what Nick(Colorado) wrote...
To be a little more precise, it is five days or 8:00AM the morning of the auction (whichever comes first). This means that you and the owner(seller) may enter into an agreement for the sale of the property, but the owner(seller) must not sign and notarize a deed until five days have elapsed (longer if the waiting period ends on a Sunday or State/Federal holiday). However, if your agreement gets signed with less than five days before the auction, then the mandatory waiting period ends at 8:00AM the morning of the auction.
If this doesn't make sense to you or is confusing in any way, then you are not ready to buy a property in foreclosure. Continue to learn first in order to minimize your own risk or else your first deal could wind up being your last.
Cheers!
Keith
: This is my first time considering on buying a foreclosure and I am not sure that I can buy this property. Hence, I need a bit of advice. The auction date has been set for 12/07/04 and I do not know if it is too late for the owner to sell it to me. Why? because for what I have been reading this property might have gone beyond a pre-foreclosure point since the acution date has been set and the owner may not have the right to sell to me. However, I might be incorrect due to the fact that I do not much about the process yet. Could anyone clariy this for me? Can the owner still sell to me directly?
: Thanks! :)
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