May have a deal, need help!

[Michael Porter]

Hello all! I'm new here and don't really know where to post my question. I have what I believe to be a deal, here in ATL. The house is going to be auctioned off next week. I talked to the daughter who was there today and she said it was her mother's home who recently died. No one was making the payments so the bank is auctioning it off next week. The daughter said she should sell it. But the house was her mother's not hers. So can I do something before the auction next week?

[Ron S.]

Originally posted by @Michael Porter:

Hi Minna, she isn't the owner,  her mother who died was. What I'm trying to figure out is how I can purchase the home before it goes to Auction next Tuesday. Then I would have to compete with other investors.

Short answer is...In a week? You don't. The Bank will be a rabbit hole with no end in sight. The daughter can't facilitate the transaction that quickly without 100% perfect execution on every aspect of the deal. Heck, you probably couldn't even get a payoff quote and wiring instructions from the bank that fast. Federal rules state a payoff demand must be supplied within 7 days of legitimate request (unless state rule is more restrictive) so, again, chances are slim to none that you can put a deal together that quickly and even if you could, would have to be an all cash deal with authorized parties (Daughter as documented legitimate successor in interest).

You can't force the bank to delay the foreclosure. Daughter can't file BK to stay the foreclosure (Based on what you wrote) and, bank has no incentive to do anything other than to proceed to sale (Again, based on what you wrote) absent a wire sitting in someone's inbox with a loan number on it and a payoff equal to total debt, prior to the sale.