Pre Foreclosure with Notice of Sale Date

[Davit Gharibyan]

Hello all,

I am working with a homeowner whose property is going to be auctioned off on November 21. This will be a sheriff's sale. The house is in MN, Dakota County.

The ARV and the loan balance owed make sense and it can be wholesaled. Do I just submit a purchase agreement and run the transaction like a normal wholesale deal?

Does the deal have to be compete before the sale?

I know in MN the homeowner has 6 months after the sheriff's sale to redeem the property.

Any suggestions are greatly appreciated.

[Sam Shueh]

It needs to be an-arm-length transaction. Best is to hire a realtor to negotiate for you. Needing a former distressed property purchase contract offer. The EMD will be held in escrow and if you do not want it later, you can lose your deposit.