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Got an accepted offer in on a ss that was scheduled for foreclosure tomorrow. We've been waiting for the banks to psuh the date back to allow for closing. As of Thursday night 6p.m. est. we've heard JACK. So, my question is in two-parts: 1.) Is it likely that the banks (there are two involved) will let the sale go through and extend the foreclosure date? We originially put the offer in on this house in October. Waited forever to get a response and finally heard back this month where we countered and reached an agreeable price. BUT...
If it does go to foreclosure, and we need to go to the courthouse tomorrow to try and buy it, how much money/check is needed? What other paperwork is necessary to buy a foreclosure??
In Oregon you have to have cash for the full amount. Cashier's checks. They check your check at the auction to make sure you have enough to bid. No money, no bidding. We do trustee's sales out here. Judicial foreclosures are rare out here.
You would need to know what type of foreclosure practice they have in your state.
Exactly. If they have a deal on the table they are looking at and accepted, they will cancel the auction date. Did you look on the county records to see if it is scheduled?
Here you have to have a cashiers check for the full amount at auction also.
Got an accepted offer in on a ss that was scheduled for foreclosure tomorrow. We've been waiting for the banks to psuh the date back to allow for closing. As of Thursday night 6p.m. est. we've heard JACK. So, my question is in two-parts: 1.) Is it likely that the banks (there are two involved) will let the sale go through and extend the foreclosure date? We originially put the offer in on this house in October. Waited forever to get a response and finally heard back this month where we countered and reached an agreeable price. BUT...
If it does go to foreclosure, and we need to go to the courthouse tomorrow to try and buy it, how much money/check is needed? What other paperwork is necessary to buy a foreclosure??
Thanks a ton,
Skater
Each state has it's own laws & rules, so...
In NJ, the lawyers would contact the Sheriff tonight or tomorrow morning, and the auction would be at least postponed, and maybe cancelled if the sale is a sure thing.
Also in NJ, to purchase at auction, the purchaser will pay 20% of the purchase price at the end of the sale and sign acknowledgement of purchase. The 20% must be in cash, certified check, cashiers check, treasurer's check or money order. The remainder must be paid within 30 days, at which time the deed will be turned over to the buyer.
they would let us know? I'm calling the county deeds clerk to look this up. Can't find it online.
I can't attest to accuracy, but if you scroll to the bottom of the page, Virginia Foreclosure Process is discussed:
Foreclosure - Process Summary (http://msplaw.com/practice_areas_foreclosure_process_summary.asp - broken link)
I still don't know if the house we have a bank accepted offer on went to auction last week. The county offices were closed Friday--D.C. area here--the scheduled day of auction. I had to wait till today to call and they told me they would only have notice when the house is sold after the auction--through transfer of deed. So, I haven't found out if the house did go through foreclosure.
My realtor and the seller's realtor say they don't know who to contact to find out anything.I knew we were in for a bumpy ride, but just think there has to be a way to find out if the banks let go of our contract and let the house go to it's scheduled foreclosure. I don't want to assume they didn't. I will only go on concrete info at this point. Any ideas?
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