Re: Buying a foreclosed home before the auction?
Posted by OC Andy on September 19, 2007 at 20:28:09:
In Reply to: Re: Buying a foreclosed home before the auction?
Posted by Christina on September 19, 2007 at 15:51:18:
Christina:
If you have the cash to purchase the home outright, do it and do it quickly. The foreclosing bank needs a little bit of lead time to process the reconveyance and advise the Loss Mit dept. of the sale.
Otherwise, as Steele has pointed out, buying Sub-2 is always an option. Be prepared to come into the deal with enough cash to bring the loan current otherwise your contract won't mean anything once the sale date has come and gone.
Follow Ups:
