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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, 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.
