All Forum Posts by: Clayton Smith

Hello, I’m looking for reliable general contractors in the Charlotte, NC area. I would love to connect! Thanks!!

The auction started and ended on 10/22. I happened to put the home under contract on 10/23. So technically the home is in the 10 day upset bid window. I read that the seller does have a 10 day right of redemption. That’s where it’s unclear for me as far as my rights to purchase the home now. 

Hello everyone,  

I had a couple of questions. One is what are my rights as a buyer/wholesaler who has a property under contract a day after that property was sold in an action. I live in North Carolina so there is a 10 day upset bid period and I do know the seller has a 10 day right if redemption. I’m not sure if I still have rights to purchase the property at this point or rather assign the contract?  

Thanks guys. I'm currently trying to see what my options are to purchase the property before it's actually foreclosed. I have spoke with the bank a few times and they said I can either assume the loan (this isn't an option because the owner is too far behind and there isn't any money to be made), I can buy the home for what she owes (I am in the process of getting a pay off, but I don't believe there will be enough equity in the deal for that to make sense), or a short sale. I could go the short sale route, but the problem with that is I would have to show proof that the property is listed on the MLS. If we list the property on the MLS, then that would just open it up to other potential investors, right? Has anyone else had any success with any other options. I honestly want to just negotiate with the bank a price (that we both agree on) to purchase the property, but it doesn't seem like that's an option or I just haven't spoken to the right person at the bank. It seems like they would save time and money that way since the property will definitely be foreclosed on since she's not make making payments and isn't living there.

If I found a home that's in foreclosure but not foreclosed yet, what would be my options in acquiring the property?  My goal when reaching out to the owner was to wholesale the property.  Now that she is in foreclosure (still not sure how far along), I was trying to figure out what my options would be attempting to purchase the property. I called and spoke with the lender and the representatives I spoke with said that the owner would have to call in and find out if the loan was assumable.  If it is assumable, is that my only option in purchasing the home?  Thanks in advance!

Thanks, David.

Thank you, Matthew and Jeff!

Thanks Marlon and Alexander.  

Yes Alexander I would like to join the group.

I am new to the real estate industry.  I have been considering investing for some time now and today I have taken the first step by joining biggerpockets.