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Old 02-05-2013, 12:49 PM
 
382 posts, read 730,051 times
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Anyone had success with this? There are two homes I like---one is at auction today, one is going to auction in March. Neither are listed for sale. My realtor is trying to track down the owner for the march one to make an offer before the auction, but she can't seem to get a hold of him. She's even knocked on his door but no answer.

I noticed that the one at auction today has a court approved judgement of $395k but the opening bid is for $425. If I make an offer to the bank, how do I go about doing it assuming the house doesn't sell at auction today? Do I go straight to Bank of America or to the attorneys listed on the foreclosure? Do they even respond when you submit an offer in this way?? My max price is $425k but I would offer that if it would get me the house.

If anyone has a process that they go through to purchase a home before it hits auction, and this process has proven successful, please let me know what it is! Inventory is so low right now and it's extremely frustrating.
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Old 02-05-2013, 02:23 PM
 
Location: Boise, ID
8,047 posts, read 25,737,321 times
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Can the owners even afford to sell, or do they owe more than the house is worth?

If they owe more than it is worth, then your only option would be to show up at the auction with cash in hand and outbid everyone else.

If they can afford to sell, and you have cash, you MIGHT be able to stop the sale today, but I really doubt it.

For the one in March, same question. If they can afford to sell, just get the deal going, and close before March, and you should be set. If it is a short sale, most of those will not even open negotiations in the last 30 days before the auction at this point, so you are probably out of luck there too.

If the house does go back to the bank, you can't just call the bank and make an offer, they won't even talk to you. You have to wait until they list the property and make an offer then.

Foreclosures get postponed a lot, though, so don't assume it will either sell or foreclose today. Check on it. If it gets postponed for 30 days, a conversation might be possible.
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Old 02-05-2013, 03:02 PM
 
382 posts, read 730,051 times
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Neither of these are short sales. The balance they owe is pretty far below what it is worth. I do not have cash to buy it at auction, but would need to finance it like a regular home sale. My realtor told me that if it doesn't sell at auction, it would go back to the bank and then you can submit an offer directly to the bank before they list the house. Is this not true?
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Old 02-05-2013, 03:10 PM
 
Location: Austin
7,205 posts, read 19,273,602 times
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Quote:
Originally Posted by divakat View Post
Neither of these are short sales. The balance they owe is pretty far below what it is worth. I do not have cash to buy it at auction, but would need to finance it like a regular home sale. My realtor told me that if it doesn't sell at auction, it would go back to the bank and then you can submit an offer directly to the bank before they list the house. Is this not true?
No, this is not true. Banks have a real estate side, usually through an asset management company, but not always. They will refer you to the management company or their direct realtor they use, and then they'll tell you to wait until it's listed for sale.

With the house in March, if you submit an offer and it gets turned into the bank and the agent knows what they're doing or gets the right person to do the work on the back-end, you can get the foreclosure to be postponed, but it takes an actual contract in hand with full mortgage approval to get the bank to take a look at the file.
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