Foreclosure Sale Timing - Posted by Tony

Posted by Tom (GA) on February 28, 2002 at 14:35:20:

Looking up the lis pendens list will only work in states with judicial foreclosures. In GA, there is no judicial foreclosure and the first notice is usually the legal ad in the paper with the sale usually within 3-4 weeks.


Foreclosure Sale Timing - Posted by Tony

Posted by Tony on February 28, 2002 at 10:44:40:

Someone told me that a home that is under foreclosure proceedings can be saved or sold up until the day of the actual foreclosure auction. How accurate is that? Thanks!

depends on YOUR state laws… - Posted by David Krulac

Posted by David Krulac on February 28, 2002 at 13:57:46:

In Pa. for example you can save your property up to 1 hour before the sale. Some states even allow redemption after the sale sometimes as long as 1 year.
In Pa. there is no redemption after the sale.

David Krulac

Re: Foreclosure Sale Timing - Posted by Joe

Posted by Joe on February 28, 2002 at 10:47:01:

This is correct in some states, incorrect in others. You need to read your state’s statutes regarding the foreclosure process. In most states it is true.

Re: Foreclosure Sale Timing - Posted by Harry Washington

Posted by Harry Washington on February 28, 2002 at 11:05:50:

I have a hard time finding forecloser, because the bank get the forecloser and put them back on the market, because the market is so good where I live. How do I get the forecloser before the banks get them and resale them, Or how do I get them before they get to the foreclosure last stage (pre-foreclosure)

Re: Foreclosure Sale Timing - Posted by carla

Posted by carla on February 28, 2002 at 15:52:48:

There are several way to get a hold of pre- forclosures
before the last stage of foreclosure. The best way that has worked for me is posting signs on poles or in communities sayin, "behind on payments, divorced, loss of income need to move, sell your home in 10 days call today 555-5555.The calls will come poring in, the actual time it takes to sell depends on the motivation of the seller that is in preforclosure and your acess to the cash/downpayment and your negotiating skills! could sell in 24hrs. good-luck.

Re: Foreclosure Sale Timing - Posted by janice

Posted by janice on February 28, 2002 at 11:53:40:

You get them buy buying the property from the owners before the sale.

The bank doesn’t just “get” them, they need to go through the legal process.

The situation you describe sounds odd, if the market is so hot, then most owners shouldn’t have a problem finding a buyer to get them out their problems, the only properties the bank should end up with are those that are over encumbered.

Re: Foreclosure Sale Timing - Posted by Rich[FL]

Posted by Rich[FL] on February 28, 2002 at 11:50:14:

  1. Go to courthouse and look for the Lis Pendens that have been filed in the public records; that’s usually the first public notification that someone is behind on their payments and the foreclosure process has started.

  2. Negotiate with the owner to acquire the property; use all of your creative techniques here. Best is to take title subject-to and pay cash to make up the deliquencies.

  3. If #2 doesn’t work because the seller owes more than the house is worth (including any repairs needed), negotiate with bank to buy the defaulted mortgage at a discount.

  4. If #3 doesn’t work, wait for the foreclosure sale then try to buy directly from bank (at a wholesale price, of course.)

  5. Dispose of property based on your personal needs (keep for rental, wholesale, retail, L/O, etc.)

Hope this helps.