Two weeks ago, when I was at foreclosure #1, the owner told me that they had refinanced the house. I thought that was a done deal.
Today I remembered that the summary judgment in court on the property was supposed to be this week, so I called the plaintiff lawyer to get an update. It turns out that the owners didn’t pay off their debt yet, so there will indeed be a foreclosure on the property. I am in luck! In another week, I should find out the foreclosure auction date and in the mean time, I’ll have to figure out how much repair work the house needs, but from the comps in the area, I have a lot of room for error on this one, so it’s pretty much a go.
Exciting times ahead…
Oh, cool! Best of luck! I’m rooting for you! Beware of any possible ringers in the crowd at the auction.
Now you might have motivation. I don’t know how you’ve contacted the owner before but now might be a time to remind him that he hasn’t paid the debt.
If the attorney has filed for an auction date, you can find that out and remind the owner.
If he’s ready to talk then you can go there and visit with him, check out the repairs and offer to reinstate the mortgage in exchange for acquiring the property subject to the existing financing. Essentially you bail him out, assume the mortgage, and most importantly take title to the house. Just make sure he moves out.