investment property under contract is foreclosing in 4 days!

Posted by g nelson on June 30, 2005 at 21:59:14:

I contracted to purchase a 24 unit apartment complex june 17. I was conducting my "due dilligence" and working on getting financing. June 24 I was reading the foreclosure ads in the paper, something I rarely do, and I find the property I have a contract on. There is a total of 6 buildings in the sale. 3 are financed with a local bank, these are being foreclosed on, and 3 are financed with Bank of America, these aren't currently in foreclosure. The local bank has informed us if we close on or before the 30th, the foreclosure will stop on these units. The seller doesn't seem to understand any of the consequences if this sells at auction, it is in bad repair and will not sell for as much as he needs. I have managed to get someone to finance me and close tommorrow (june 30) If the seller doesn't show up to the closing and it goes to the courthouse steps, what action should I take? The property is located in Lowndes county Georgia.

Follow Ups:

• Re: investment property under contract is foreclosing in 4 days! - Irwin 06:23:09 07/02/05 (1)
  • Re: investment property under contract is foreclosing in 4 days! - g nelson 09:45:01 07/02/05 (0)
• Re: investment property under contract is foreclosing in 4 days! - Steele in Minnesota 09:06:55 07/01/05 (0)

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: I contracted to purchase a 24 unit apartment complex june 17. I was conducting my "due dilligence" and working on getting financing.  June 24 I was reading the foreclosure ads in the paper, something I rarely do, and I find the property I have a contract on. There is a total of 6 buildings in the sale. 3 are financed with a local bank, these are being foreclosed on, and 3 are financed with Bank of America, these aren't currently in foreclosure. The local bank has informed us if we close on or before the 30th, the foreclosure will stop on these units. The seller doesn't seem to understand any of the consequences if this sells at auction, it is in bad repair and will not sell for as much as he needs.  I have managed to get someone to finance me and close tommorrow (june 30) If the seller doesn't show up to the closing and it goes to the courthouse steps, what action should I take? The property is located in Lowndes county Georgia.


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