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Buying at Foreclosure Auction

So here is my situation. I'm renting a home which is up for foreclosure on Court house in 2 weeks time. A couple of months back as renter I put in a short sale offer to the Bank, but I haven't heard anything (neither accept nor reject) back from the bank. I think it may be a win-win situation if it goes through short sale for every party involved. But I cannot answer why the bank isn't responding.

I would now like to make bid at the foreclosure auction. I contacted the attorneys of the bank and they told me that they would give 30 days to close in if I was the highest bidder. Since I'm renting this property and living in it I know what condition the property is in. Here are my questions -

1. Is there anyway I can contact the bank to push out the foreclosure date? My real estate agent has tried to contact the bank's listing agent but in vain.

2. I'm planning to get a Title search done from an real estate attorney. Is this sufficient or should I have to do anything else before going into foreclosure auction? Does the title search indicate unpaid taxes, unpaid land transfer taxes, special assessments, easements, rights of way etc? If not how can I get these information?

3. Should I be concerned that I get just 30 days to close in? My mortgage vendor is confident of getting loan in 30 days? Should I have full cash ready as back up?

4. As backup option my brother has offered me that he would buy this home in cash and then sell it to me. This is in case getting a loan timely manner fails. The plan is later on I buy back from him cutting out a mortgage loan. Is this option feasible? What are the consequences?

Thanks!
  • December 14 2012 - US
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Answers (1)

Profile picture for Alan Grizzle
In Georgia you must make full payment on the spot when you buy a foreclosure at the auction on the court house stepps.
  • December 14 2012
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