Sat, Jul 04, 2009
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Marketing Letter To Sheriff Sale Property Owners |
nfin01
11 Posts
Member Since: 06/18/2003
Manhattan, NY
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Posted: 19:38 on 07-07-2003
Is it too late to send marketing letters to property owners whose houses have been scheduled for Sheriff Sale?
I checked the county website and most of the houses seem to be owned by lenders.
Or should i contact the lenders for their REO before the sheriff sale date?
Thank you guys.
fin 
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SilverICE
9 Posts
Member Since: 06/26/2003
Oklahoma City, OK
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Posted: 12:45 on 07-08-2003
I would be interested in this answer also. The way I understand it though, is that it is not an actual REO unless it is bought back by the lender at auction. In other words, the person being forclosed on actually ownes the property until it is sold at auction. Am I wrong here?
I live in Oklahoma and the Sheriff's Sale notices list the lender as the Plaintiff and the person being forclosed on as the Defendent - just like I would imagine it be listed.
The question remains, however. Can you still try to buy the property from the person going thru forclosure if the property is already scheduled for auction?
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Elynda
12 Posts
Member Since: 06/30/2003
Catonsville, MD
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Posted: 13:21 on 07-08-2003
My understanding according to the Real Estate Lawyer in Riverside, California (just happen I went to his website) which he has explained that lis pendens can be stop for the property being sold in auction. The only thing a homeowner needs a piece of paper from the lawyer to stop the property being sold, even though the property is already prepared for the auction that day.
Unleast, the property itself has been sold at the auction then you can not do anything.
Elynda
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pmatheson1
407 Posts
Member Since: 03/03/2003
Alamo, CA
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Posted: 13:23 on 07-08-2003
Sure! However you are buying it "Subject to" all Leins. If you don't satisfy the leinholder having the Sheriff's Sale, the property will be sold and you will be out your $$.
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BAMZ
746 Posts
Member Since: 03/18/2003
Champaign, IL
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Posted: 00:38 on 07-09-2003
Hi nfin01,
That is a good question! The answer is that until the property is sold on the court house steps, you can still buy the house if the homeowner is still around the area and is willing to work with you.
The reason that I say "If the homeowner is willing to work with you is because the majority of NOD's do not have any (or enough) equity in them to make a sensible purchase, therefor the owner would have to cooperate with you on a short sale. Of course on a short sale, you need to qualify the house and the circumstances to decide if it qualifies for a short.
If you are interested in just trying to buy houses the old fashion way, you can certainly send mailings to the property owners. In my area, properties are placed into the sherrifs foreclosure calendar up to 6 months in advance, and yet others just a month before the sale.
My advice is to go the your courthouse a work/send mailings to the most recent NOD's.
Best of Success!
BAMZ
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