Posted by Natalie-VA on April 14, 2007 at 09:37:36:
Yup, you’re right, it can be done. I’ve actually done a few. Sometimes I personally deliver the money to the trustee. Most lenders won’t accept the payoff directly once they turn it over to an attorney.
The key is to use a settlement agent that’s really on the ball. I’ve been on both sides. I’ve closed on stuff on it’s way to sale (successfully), and I’ve bought stuff where payoffs didn’t make it there in time. Those are usually due to the settlement agent not getting it done.
Hello
I have a house that I taken "subject to"do somebody can tell me what is the best way to postpone a sheriff sale that is going to be held on April 30.I’m in PA and the next sheriff sale is going to be on June 16 that will buy me more time
Thanks
Pazzo
The agreement itself won’t stop the Sheriff Sale.
If you do indeed sell it and it closes on April 29
(fingers crossed), then when the current lender is
paid off on that day - the Sheriff Sale will be
called off, as they no longer have a lien on the
property once they are paid off in full.
Posted by Natalie-VA on April 14, 2007 at 09:11:11:
In my area, deeds aren’t usually recorded until the day after closing. After that, money is released. It would be pretty tricky to try and close something the day before a foreclosure sale.
As a matter of fact, I once bought a house at trustee sale where they had refinanced, but their settlement agent didn’t get the payoff to the trustee on time. They had to pay me to go away.
good point- i was thinking ‘best case’ - where it
closes in the a.m. - and settlement agent gets funds
from new lender - sends paralegal to courthouse to
record new mtg early p.m., then gets the payoff wire
to the old lender before the 3pm wire cutoff - but this
is a very optimistic scenario - usually mtg deed gets
recorded next day and old lender gets paid off then,
as most settlement firms wont pay off old lender until
they record new mtg.