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Updated over 11 years ago on . Most recent reply

User Stats

295
Posts
34
Votes
Burt L.
  • Real Estate Investor
  • Steamboat, CO
34
Votes |
295
Posts

How to Put a Foreclosure Under Contract If I Don't Know the Amount to Cure Yet?

Burt L.
  • Real Estate Investor
  • Steamboat, CO
Posted

I am working with a seller in foreclosure. The seller just filed the Notice of Intent to Cure, and the bank/attorney can take up to 10 days to provide that. I would like to put the property under contract now, but don't know what the payoff amount will be.

How can I do this, without a hard number, and not risk losing the property? I plan to put it on a wrap, rehab it, and then give the seller cash at the time of closing. She really got taken advantage of by some "investors" that convinced her to buy the property as a flip with them, but they just lived in it for the last 1.5 years without doing any of the work, and damaging her credit.

I want to put it under contract, but don't have the payoff numbers.

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