Purchase from Bank prior to foreclosure auction in PA?

[Ryan Duchak]

Has anyone successfully purchased a home that is scheduled to go to foreclosure auction from the bank prior to the auction?  I recently came across a property that I am interested in but it has another 2 months before the auction.  

[Andy Mirza]

Originally posted by @Ryan Duchak:

@Andy Mirza I believe there is equity in the property.  However, notice of seizure and execution was published in November of 17.  My understand is that the bank has already taken ownership, so we would need the bank to agree to a sale prior to the auction.  Hopefully I am wrong about that!

 I’m not familiar with the laws in PA so I can only speak in general terms. Whether you’re in a judicial or non judicial state, there’s a point where ownership of the property changes. Typically, it’s the trustee sale or sheriffs sale or confirmation of sale hearing. Prior to that point, the borrower is the legal owner and can sell the property. After one of the above mentioned events, the title transfers to the foreclosing entity (bank) and they are in control of the property.

It would be interesting to know how PA is different…