Re: question about sheriffs sale

Posted by Nick(Colorado) on August 26, 2002 at 12:34:42:

In Reply to: question about sheriffs sale posted by Cindi on August 26, 2002 at 01:05:51:

Cindi:

If the mortgage company takes back the property, youwill have to pay near retail for it. You can improve yourchanges of getting the property discounted if you contact the officer in charge of the property and tell him/her that you would like to purchase the property from them. This may keep them from listing it with a local real estateagent/broker, thus saving 5%.

Alternately you can have a local foreclosure investor or hard money lender purchase the property at auction. You can offer them a fixed percentage/amount to hold the property while you get financing.

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Comments: : Cindi: : If the mortgage company takes back the property, you : will have to pay near retail for it. You can improve your : changes of getting the property discounted if you contact : the officer in charge of the property and tell him/her : that you would like to purchase the property from them. : This may keep them from listing it with a local real estate : agent/broker, thus saving 5%. : Alternately you can have a local foreclosure investor or : hard money lender purchase the property at auction. You can : offer them a fixed percentage/amount to hold the property : while you get financing.

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