SFR Auction - Posted by Steve(WA)


#1

Posted by Jimbob on November 09, 1998 at 14:19:28:

Steve,

Do you have the name of the trustee on the sale? If so, I would call them to find out more information on the note. It sounds to me like it may be a second or third mortgage, therefore you can pay off that note but still end up in a junior position, and if the current owner defaults on the first note, you could lose your shirt.

On the other hand if it is the first mortgage, you could make out pretty good. Try getting more info before you dive into this.

Jimbob


#2

SFR Auction - Posted by Steve(WA)

Posted by Steve(WA) on November 09, 1998 at 12:23:30:

I have come across an auction of a SFR this coming friday at the courthouse. The reconveyance company says the total note due is 32K. This price is well below market (30K-60K). Any ideas on how I can obtain a fast loan? Also, since I have never attended an auction, what should I expect? How should I prepare for this?

Thanks in advance,
Steve