Buying a Property In Foreclosure Process

[Anthony Angotti]

Hello Everyone,

I have a property that I am looking to buy that is a bit of a complicated one for me that I need some help with. I'm going to consult an attorney to be sure how to do things (if I even can), but I wanted to ask here as well. 

My neighbor is in the foreclosure process and they had their sheriff sale postponed until March. The property would be good for me for a number of reasons, but would be profitable and also the management of it as a rental would be very convenient. 

Basically my question is, can I purchase this before its next sheriff sale date in March and how do I do that?

Thanks!

Tony

[Christopher Phillips]

Yes. If a notice of default was issued from the bank, you would have to buy it as a shortsale, with lender approval on the sales price.

If they are behind on taxes, but still have equity, you'll have to figure out a price that gives them funds to pay off their back taxes and preserve some equity while getting you a price that works.