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Posted by Irwin on July 02, 2005 at 06:23:09:
In Reply to: investment property under contract is foreclosing in 4 days! posted by g nelson on June 30, 2005 at 21:59:14:
There are so many missing facts that it's impossible to advise you. You didn't say when the auction sale is, only that the bank wants to close by the 30th (btw, what did you do?) ; what your contract price is vs how much the bank debt is; liens, if any. With the few facts you gave, I'd guess you'd be better off buying it at auction, but who knows?
: 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.
