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Thread: Anyone ever buy a pre-foreclosure, foreclosure, auction house ??

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  1. #1
    Senior Member NW-Will's Avatar
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    Anyone ever buy a pre-foreclosure, foreclosure, auction house ??

    Our dream house(no ramps all flat) just came up on Zillow as going to Auction

    - at the moment it is in Pre-foreclosure .. according to Zillow
    what is the best way to approach this.. tips tricks thoughts insight information . very welcome


    We don't have cash, but we're pre-approved for a mortgage. I spoke to the old lady that lives there once a long time ago, and she declared she was never selling. I've tried knocking her door a couple of times since I found out, but no answer so not exactly sure of the situation. She doesn't talk to any of the neighbors so they have no clue. Going to leave a note in her mailbox. But considering this has hit Zillow I am sure every Tom, Dick and Harry is banging her door right now.


    Would obviously love a bargain, but at this point just want to make sure we give it our best shot as we will be kicking ourselves forever if we miss this chance even if we pay over the odds.
    At this point really don't know what to do so any insight or experience would be greatly appreciated.
    The auction is listed as occurring 14th September 2018.
    The owner of this property has been served a Notice of Sale.
    Foreclosure type: Non-Judicial
    Recorded: Notice of Sale: xxxxxxxx on 05/10/18

  2. #2
    The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

  3. #3
    Senior Member NW-Will's Avatar
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    Thank you for the links.
    Going a little crazy reading as much as possible on the internet ..


  4. #4
    When you buy at auctions and foreclosure a pre approved mortgage is meaningless because more than likely repairs will be needed to obtain a certificate of occupancy. With these sales you're buying the property as is, you need the cash.

  5. #5
    Senior Member NW-Will's Avatar
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    This totally sucks.. not having the cash that is..
    The house is totally ok.. you could move in tomorrow.
    If we could just get mortgage for the land(lender can't really lose right, lands not going anywhere).. we'd be ok.. we could probably pull the rest together in cash, but not the whole amount.

    Quote Originally Posted by Rustyjames View Post
    When you buy at auctions and foreclosure a pre approved mortgage is meaningless because more than likely repairs will be needed to obtain a certificate of occupancy. With these sales you're buying the property as is, you need the cash.

  6. #6
    The house might be totally ok, are you talking about appearance? Is there a well or septic system? Hard wired smoke alarms? Buried heating oil tanks? Lead paint? Mold? Termite damage? I could go on until the cows come home. You need to go into these kind of deals with eyes wide open.

  7. #7
    Exactly. Conventional lenders want an appraisal. But the way auctions are run, appraisals are often not possible. But what you could do is buy the property with a loan from a hard money lender. Then after you're in, refinance.

  8. #8
    Senior Member NW-Will's Avatar
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    A hard money lender?
    Sounds like an oxymoron, but where do you look for a reputable hard money lender? any examples... never heard of such a thing.

    Quote Originally Posted by August West View Post
    Exactly. Conventional lenders want an appraisal. But the way auctions are run, appraisals are often not possible. But what you could do is buy the property with a loan from a hard money lender. Then after you're in, refinance.

  9. #9
    Quote Originally Posted by NW-Will View Post
    A hard money lender?
    Sounds like an oxymoron, but where do you look for a reputable hard money lender? any examples... never heard of such a thing.
    Personal loan (from a bank, credit union, etc.).

    This is what my former neighbor did. She got a personal loan, bought the pre-foreclosure condo from the owner (paying off his debt and taking over the payments) which she negotiated with a real-estate attorney helping her, then once the sale closed (we are a escrow not a contract purchase state), she refinanced with a regular mortgage broker finding her a decent mortgage.

    (KLD)
    The SCI-Nurses are advanced practice nurses specializing in SCI/D care. They are available to answer questions, provide education, and make suggestions which you should always discuss with your physician/primary health care provider before implementing. Medical diagnosis is not provided, nor do the SCI-Nurses provide nursing or medical care through their responses on the CareCure forums.

  10. #10
    Quote Originally Posted by SCI-Nurse View Post
    Personal loan (from a bank, credit union, etc.).

    This is what my former neighbor did. She got a personal loan, bought the pre-foreclosure condo from the owner (paying off his debt and taking over the payments) which she negotiated with a real-estate attorney helping her, then once the sale closed (we are a escrow not a contract purchase state), she refinanced with a regular mortgage broker finding her a decent mortgage.

    (KLD)
    I've done it four times in my life, none recently. It used to be called loan assumption. I even used a credit card to scare up the cash since there was no credit check. The bank just wanted money and in case of default, the original purchaser was destined to take the hit, which happened in one of the houses. I don't know if it still works that way.
    I have had periodic paralysis all my life. I lost my ability to walk in 2011 beginning with a spinal block, which was used for a hip fracture caused by periodic paralysis.

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