NEED HELP WITH POTENTIAL DEAL

[Marquita Lucas]

Good Afternoon all,
I received a call from a homeowner that is scheduled for auction with his home next week. I wanted to know what methods are there other than bankruptcy to stop a home from going to auction. He currently has the property listed with a realtor and I'm thinking what I can do is wholesale the deal since the realtor is working on a shortsale with the property already. Is this the road I should take with this property? I'm waiting to find out what the actual pay off is on the property though first to know where I can submit my offer but my concern is delaying the auction of the property.

[Jon Holdman]

If you can get an accepted offer with the lender who's foreclosing, they can put the foreclosure on hold. A week isn't much time for the lender to respond, though, so this seems very doubtful.

The payoff is irrelevant for your offer. Base your offer on what its worth to you.

Jon

[Sanjay Naidu]

It gets really difficult when R.E. agents are involved

[Michael Rossi]

If you have a big pile of cash and are prepared to close in the next few days, then you might have a chance. Otherwise, the bank probably won't be interested and I would suggest just moving on.

Good Luck,

Mike