That would be one opportunity for you to buy, avoiding all the foreclosure costs you'd likely have to pay later. But be aware that in many states there is a reinstatement period in which the homeowner can still pay the lender the missing mortgage payments plus costs to have the mortgage reinstated. If no deal is made, the process moves on with published notices documenting progress, and within a matter of weeks, a public foreclosure auction is held on the county courthouse steps. These are trustee sale for First American. So, let's say you wanted to buy a foreclosed property from Andy right here, right now.
People have the option to buy here as a walkup, if they hear of something they want to buy.
But the only stipulation is you have to have cash or a cashier's check. No personal check, and it's got to be above the opening bid. That means you have to be able to pay off the loan balance of the property, plus any late payments, late charges and foreclosure fees. As Curtis and Nancy learned, this makes for a third opportunity to buy the foreclosed home, but before buying they'd like some more facts. What we need to do is we need to look first of all, at what a property like this repaired, is going to sell for.