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Updated about 17 years ago,
Can I buy property from lender before auction?
Hi all - I hope I am not double posting. I posted some info on this property already, but I can't find where I posted it & don't know where to search - still new to the site - so please forgive me if it's a double post - but I am asking more info on the property.
I am looking at a small empty lot in my neighborhood (I live in Georgia) that I found in the legal notices - going to auction Dec 4. I have check with the courhouse on background info & suchand will be going to the auction to bid on it.
*** My question is: Can I buy this directly from the lender before the auction? Buy the NOTE? or Shortsale or something?
***
It doesn't look like a mortgage. It looks like the owner purchased the lot for 15,000 cash 5-6 years ago & must have taken out a loan 2 years ago and had the property for collateral or security. The loan is only 2,700 and the bank is auctioning the property.
This is my first auction & have no idea how much competition will be there & if anyone will be bidding against me - I'm assuming if there are other investors in the area - that they might be interested in it and bid. So I thought if there was anyway I could buy before - I would want to.
Please advise anyone knows the exact process & if I would be able to contact the atty or bank to purchase in advances.
Thanks so much for your help...Angie