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msingleton1

subject to on a foreclosure

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Hi again!

First of all I would like to say I appreciate ya'lls replies very much....here's the question:

I am in Florida and foreclosures are handled by the courts and attorneys. We just purchased a property with the foreclosure sale less than 4 days away. We wanted to purchase subject to exsisting loans but the attorney for the bank stated we would have to reinstate the loan and that would take up to 10 days.

 

Has anyone dealt with foreclosure attorneys? If so do you know how to buy property subject to so close to the sale and have the bank attorneys get it done.

 

Thanks!

Mary

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Have you spoke to the bank? Loss Mit department will say call the lawyer. Call them back and ask to speak to the supervisor. If no go then you need to get a fast pay from the lawyer. The lawyer at this point will use normal channels. Here is another avenue. Do you have the deed?

 

If so and if you have the cash go to the sale record the deed 1/2 hr before the sale and start bidding. If you get any overage from what is due then its money in your pocket.

 

Or you can bid the property and you had just perfected title.

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so If I record the deed and bid, say I'm the highest bidder, the bank gets paid and I get the difference and the house? If I'm not the highest bidder, the bank gets paid and I still get the difference but not the house?

 

-Mary

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so If I record the deed and bid, say I'm the highest bidder, the bank gets paid and I get the difference and the house? If I'm not the highest bidder, the bank gets paid and I still get the difference but not the house?

 

-Mary

 

Yes on the first part if there is not any underlying liens to the property.

 

Here is a little deal I saw a few weeks ago. Real classic:

 

House was being auctioned off. Balance 46K.

Investor went before auction with notary and got deed signed for 2K.

He went to auction and bid the house to 96K. So he bought the house for 46K plus the 2K he gave her. The overage was his money so he got it back also.

 

Now if another investor came in and bid 97K he would have gotten the difference between what is owed and the amount paid.

 

Interesting gambling for sure

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