all you foreclosure buffs - Posted by tang-0-rang

Posted by tang-0-rang on March 20, 2002 at 23:48:37:

thats what I have been finding. they want FMV minus repairs.
Todd

all you foreclosure buffs - Posted by tang-0-rang

Posted by tang-0-rang on March 19, 2002 at 15:02:19:

just a few questions for you experts who deal in the foreclosure arena. Once a property goes to the public trustee sale, does the owner being foreclosed on still have a way to get the property back? as in when does the redemption period start/end. Can I still deal with the owner and buy it, then cure the mortgage, after the trustee sale.
Reason I ask is a property I have wanted to buy(for myself as a personal residence) has slipped through my fingers. I admit I wasn’t keeping tabs on it, and now find that it is going to P.T. sale on Wednesday the 20th TOMARROW. any thoughts, or should I kiss it goodbye. thanks for your time folks
Todd Williamson (CO)

Re: all you foreclosure buffs - Posted by Paul

Posted by Paul on March 19, 2002 at 22:21:46:

My first deal was a burnout. I bought it for 18,000 put 40,000 in to it and sold it for 90,000. It took 3 months. Well worth it. Just get someone you trust to fix it.

PC

Re: all you foreclosure buffs - Posted by JD

Posted by JD on March 19, 2002 at 21:40:50:

C.R.S. 38-38-101 to 38-38-801

Re: all you foreclosure buffs - Posted by Bob H

Posted by Bob H on March 19, 2002 at 20:47:08:

The owner’s redemption period (75 days) begins on the day following the PT sale. You can buy the property from the owner during the redemption period, but the foreclosed loan cannot be cured and reinstated - it must be paid off prior to the end of the redemption period.

Don’t assume the opportunity to buy the property ends with the PT sale - to the contrary - the best deals are often made after the sale.

Re: all you foreclosure buffs - Posted by Saxon

Posted by Saxon on March 19, 2002 at 19:27:45:

Depends on where, I only know deed of trust sales, there is no redemption period. Just show up at sale and see what happens! You never know.
My 2 cents, Saxon

Re: all you foreclosure buffs - Posted by Mike

Posted by Mike on March 19, 2002 at 15:10:37:

Well you can still show up to the courthouse steps and bid on it. And it will more than likely be bought by the bank, and listed with a realtor you could still lowball offer on it then.

examples please - Posted by tang-0-rang

Posted by tang-0-rang on March 20, 2002 at 23:57:16:

you said…
“The best deals are often made after the sale”…
How so? can you provide some more info please. thanks for your time.
Todd Williamson (CO)

Re: all you foreclosure buffs - Posted by MicheleCO.

Posted by MicheleCO. on March 19, 2002 at 15:54:12:

Colorado has a 75 day redemption period after the trustee’s sale. If the owner comes up with $ during this time, he can get the house back.

Re: examples please - Posted by Bob H

Posted by Bob H on March 21, 2002 at 02:45:42:

For most owners, there is a reality check after the PT sale. Their options become much more limited - their loan can’t be reinstated, a BK won’t help them keep the house, a refi isn’t going to happen unless they have a 30% equity position, and suddenly, that 75th day is racing towards them like a downhill semi. In short, they now fully comprehend the term “motivated seller”.

Also, the junior lien holders (if any) are starting to sweat - they know it’s about time for them to step up and redeem, or risk being wiped out. This often does wonders for their motivation.

Each deal has it’s own unique set of variables - the trick is to figure out who controls the ultimate destiny of the property. It might be the owner, it might the holder of a 2nd TD (or 3rd or 4th or 5th for that matter!) or it might be a guy who picked up a judgment (and the accompanying redemption rights) for pennies on the dollar.

Hope this helps - Good luck

I asked some questions today… - Posted by tang-0-rang

Posted by tang-0-rang on March 20, 2002 at 23:54:16:

and found out that once the property goes trough the sale, the new owner cant touch the property other than put in some new locks, untill the redemption period(75 days) ends. thats news to me… I still love this game!!!
Todd Williamson

Re: all you foreclosure buffs - Posted by Bob

Posted by Bob on March 19, 2002 at 18:22:05:

Seems like the foreclosure process is littered with possible skeletons that can jump out of the closet. How much does it take to cure, etc. I’ve been told the best, and cleanest way, is to buy the property from the bank AFTER the title is free and clear. Just my two cents.

That’s true . . . if . . . - Posted by Bob H

Posted by Bob H on March 19, 2002 at 20:36:50:

You don’t mind paying retail