Pre foreclosure/subject to

[Cody Ringler]

So I’ve come across a pre foreclosure property, where the owner has very low equity in it and it goes for auction on July 2nd. Is there a way I can slow that process down So I can get everything I need to fund it/purchase it? 

[Ron S.]

Originally posted by @Account Closed:

@Cody Ringler ask the bank to give you 4/6 months to buy it

 @cody Ringler, I wouldn't waste your time trying that as you'll end up being disappointed. They have no incentive to give you 4/6 months to buy it. You'd have better luck asking them to give you a free toaster in exchange for opening up a checking account.

If you have the liquid funds to purchase the property, present a fully executed purchase and sale agreement that can close in ten days or so. If you have a real chance of purchasing it, you may ask the homeowner to ask the bank to delay the foreclosure sale to facilitate the purchase. I would suggest doing so with as much documentation as the bank may need to give them a sense that there is a real opportunity here. The bank doesn't want the property but they also don't want to hold off on their sale to give someone too much time to try to put some deal together without the ability to do so. That said, if you are trying to do it subject to, that's easy. Get the reinstatement amount and bring the loan current. That stops the sale in its tracks. Then, afterwards, be prepared to have the note called.