First Foreclosure auction - Posted by David


#1

Posted by Walt_FL on January 06, 1999 at 01:21:43:

David,

Next time you may wish to give the Banks Rep (PI alot of times, here) at the sale your business card or a letter of introduction and your card after the sale to let them know you are interested in the Property. Also you may wish to view the file and contact the foreclosing attorney for the bank as they may put you in touch with with the “right” person.

I have not had much luck contacting the Banks on these Reo’S, and have been advised not to waste too much time trying (been there, done that) except maybe for Private mtg REO’s taken Back.

For what its worth, I have limited experience, but thought this may help. If this is your 1st FC sale, How would you purchase from the Bank, Cash? Good Luck…
Walt_FL


#2

First Foreclosure auction - Posted by David

Posted by David on January 05, 1999 at 15:55:11:

Can anybody help me? I went just to see what actually happens at one as I have never attended one. A property that has a market value of at least $140,000 sold back to the bank for $113,000. I didn’t have the cash to close as the auctioneer said that I had to give him certified funds on the spot. How could I go about buying this property as an R.E.O. from the lender? Would they take the $113,000? Anybody got any input? Thanks, any help would be appreciated.


#3

Re: First Foreclosure auction - Posted by Jim IL

Posted by Jim IL on January 05, 1999 at 17:18:19:

As for the Lender selling at $113k, you never know until you ask. So do it.
It wonlt hurt one bit. but hurry, they may sell it quickly if they will take the $113k.
Good luck,
Jim


#4

Re: First Foreclosure auction - Posted by David

Posted by David on January 06, 1999 at 05:19:18:

Once I call the mortgage company , should I make an offer contingent upon a preliminary title search and property inspection or should I do this before the offer? I have access to cash through partners to make the purchase and my bank is willing to amortize for me if needed.
Thanks