Trustee's Sale - Posted by Kate (VA)

Posted by dewCO on January 20, 2001 at 12:37:34:

It’s possible, but without already having a hard money contact that you’ve done business with, not likely I would guess. yes they could do a title searcvh by then, and probably could do wihtout jeopardizing your conv. loan, but you’d have to ask to double check. Would be less a problem if you would be rid of it by the time your new house was ready to go.

Trustee’s Sale - Posted by Kate (VA)

Posted by Kate (VA) on January 19, 2001 at 21:43:10:

I was looking at my local paper this evening and I came across a townhouse that is going up for auction on the courthouse steps on Tuesday of next week. This is the very limited information I have been able to gather tonight from the paper and the county’s online tax info:

3 bed, 2.5 bath townhouse w/ full basement
Original loan was 42,000 (% rate unknown)
Loan was originated in fall of 1976
2000 tax assessment value of $109,255
Trustee’s sale requires $2000 deposit at auction and closing in 15 days.

I have not done any creative deals yet and I don’t have any (creative) financing contacts at this point. I am in a contract for a personal residence that is still under construction and I am getting a conventional loan for that. No settlement date has been set for that house but it is ‘supposed’ to be finished sometime in February.

Now, all that said, does it seem at all possible that I could get a title search done before Tuesday, find a hard money lender and get whatever they require to close within 15 days? Could I do it without jeopardizing my conventional loan?