Is it illegal for me to buy a foreclosure property in public auction if the house was owned by my parents?
Written by on June 1st, 2009unhappy asked:
My parents lost their house due to foreclosure. They currently live in it and I assume once the foreclosure goes through, they will be kicked out.
My question is..
How many days after the house is sold to the new owner in the auction will they have till eviction?
And if I were to buy the property at the auction, would there be any problems since I am the son of the original owners that foreclosed on the property?
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Tags: Auction House, House Foreclosure, Lost
June 4th, 2009 at 9:25 pm
(1) im Allgemeinen 30
(2) Höhenangebotgewinne. Zeitraum.
June 5th, 2009 at 2:41 am
Voorbereidingen getroffen om te betalen wat uw ouders op het bezit verschuldigd zijn, zal de bank hun eigen bod in daar hebben.
U en uw ouders kon omhoog met sommige fraudekwesties be
June 5th, 2009 at 8:00 am
Absolutely not…so bid away!
Be careful…you have to have a minimum of 10% CASH ready to place on the property the day of auction…then the closing has to take place in usually 10 calender days or you lose your 10% deposit.
If they are in foreclosure, it would be cheaper for you to contract the Trustee directly and see what can be worked out..if you have that kind of money.
June 7th, 2009 at 6:45 am
If you can afford to buy it now, why don’t you? It really isn’t going to be cheaper at the auction. The lender placed some heavy fee’s on top of the balance of the mortgage, it’s why most can’t redeem the property before sheriff sale.
But to answer your question, if you qualify and you must have your financial’s in order to bid, you could BID on the property at auction. I’m sure the lender will be there to make sure the mortgage balance is covered.