Listing agents and FORCLOSURE houses - Posted by MicheleCO.

Real Estate Investing
1

Posted by Bob H on January 31, 2002 at 24:41:24:

The owner controls the disposition of the property thru-out the f/c process: here’s the timeline for CO.

When the NED (notice of election and demand) is filed, the F/C sale will be scheduled to held within 45-60 days. During this time the F/C can be stopped by bringing the loan current.

After the sale, the owner has a 75 day redemption period, during this time he can stop the F/c via sale, refi, etc., but the amount bid at sale (usually the full balance on the loan + costs) must be paid in full.

Your best bet is to have your buyer’s agent submit your offer thru the listing agent - Good luck

2

Listing agents and FORCLOSURE houses - Posted by MicheleCO.

Posted by MicheleCO. on January 30, 2002 at 19:20:15:

How can I deal with a seller that is going to go into forclosure soon, if it is currently listed? Would I just submit my offer via my buyer’s agent, to the listing agent like I normally would for any other house on the MLS? What happens if forclosure proceedings have started, does the listing agent’s contract with the seller still run it’s course? Or does it cancel? Can I deal directly with the seller to structure something creative to save their credit? I was thinking subject-to or L/O. I also do re-habs, so I could submit a low-ball cash offer, as it needs lots of work. (Or so my agent says) I don’t know the particulars yet about the property except that it is listed on the MLS for 134,900. Comps in the area are 143,000-180,000. My conservative estimate is ARV 155,000. I know the area, but I haven’t seen the condition of the house yet. I live in a small town, and heard through the grape-vine it is going into forclosure. I already had an appointment to look at it made before I found out it will be forclosed on, so that may change how I need to structure this deal. Sorry if this seems remedial, but I could use any help and insight from you all. I really have not put my foot into the water for forclosures yet… as I know that water can be ice cold!!! Thanks for any help, and yes I read the ARCHIVES, but hadn’t found the answers yet. MicheleCO.