Buying forclosure prior to auction

[Tyler Kurz]

We found a property that is going through the foreclosure process. It is scheduled to go to auction at the county court house in a month. We had our real estate agent look into the property for us and had a title company pull a report. From what we can tell there are no liens on the property and we could afford to offer more than what is owed to the bank and escrow.

We're new to foreclosures, so my question here is at this point could we purchase the property directly from the owner before auction?

We also know the property is currently occupied by the owner, and the retail value is probably about 2x to 3x what is owed. We feel like we are missing something here? If it goes to auction and sells for more than what is owed where do the additional funds go? Owner, bank, county? In this situation, when it would even need to go to short sale, why wouldn't the owner put it on the market and walk away with cash?

[Jay Hinrichs]

@Rod Sanford @Leigh C   Washington Oregon and CA have very specific laws on foreclosure rescue and then lease back to the owner.. One must be up to speed on those laws.. its not as cut and dry as what happens in other markets.

@Tyler Kurz  having made a business out of this prior to WA and OR. passing the anti skimming and foreclosure rescue laws.. you would be surprised folks are generally not to mean if you pound on the door.. Many times they won't answer.

you must realize that if there is a NOD filed on the west coast the homeowner will receive no less than 100 to 200 yellow letters from investors and Realtors and mortgage brokers all offer some assistance.. door knocking is by far the best method to buying one of these.

The laws preclude your profit on them though and if there is substantial equity you must give the old owner the lions share etc. Again read up on the laws.

Overages in WA go to the court.. then the homeowner must petition to get them its routine but it needs to happen that way.

However if your new to this go over and talk to the folks establish a raporte' first thing you want to do is help them protect as much equity as possible.. etc.. you don't want to come off like your picking meat off of dead bones...