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If a home is set for auction, can you acquire it before the auction date?

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January 19 2013 - Miami
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I realize this question is old. But, I am seeing a huge increased in home owners doing auctions to sell...and getting top dollar. So I wouldn't assume it is a lender related.
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February 16 2013
If a home is set for auction your best bet is to contact the Homeowner and find out if he/she is willing to work with you in order for you to acquire the property. If he/she is interested then you should seek professional advice from both a Realtor and a Legal Counsel to assist in the short sale process. If the Homeowner is not interested and/or has other plans there is absolutely nothing you can do until the auction date.
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February 16 2013
It depends on a few variables, first and foremost if the owner of the property is available and willing to short sale it to you and then if the bank agrees on the short sale.  You will need a good buyer agent with strong experience on short sales.  I have been able to stop a foreclosure 24 hs before it took place.  It would help to know if the seller attempted to do a short sale because that means that the bank has already processed all his information which takes a while.   
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January 20 2013
Good Afternoon,

Depending on how far out the date of the auction is, this could be a possibility, but given today's market, so many of the homes in foreclosure howe more to the bank than the home is currrently worth. If the home is on the market for sale, the possibility would be to purchase it as a short sale, but depending on how soon the auction date it, there may not be enough time. You can also purchase the home at auction, but you will want to use an abundance of caution, as there could be other liens attached to the property, and when buyer at auction you do not get any title guarantees. You can work with a realtor that can monitor this property for you to see what happens on the day of auction. If the bank is the one that takes possesion to the property, then they will place it on the market for sale. The time frame for this can be as soon as 60 days after to many months after, it all depends on the individual property and circumstances. Good luck in your home search. If you have any additional questions, pleaes feel free to contact me.
Lila Lopez, CRS, CDPE, e-Pro
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
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January 20 2013
If it is already on the calendar for auction the foreclosure process is just about over.  Once the bank buys it back it will more than likely be marketed by a Realtor.

You can get in touch with the bank and let them know you are interested.  Rarely do purchases directly with the bank favor the buyer.
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January 20 2013
Look at it this way, the answer is YES you can buy it, but you have to buy it from the owner. The owner is in the foreclosure process because they are not making payments. You would have to buy it from the owner and you would have to pay enough to allow the owner to pay off the loan which is probably more than the house is worth. You would need all cash because the bank, you would want to borrow from, won't lend on a house in foreclosure that is not worth as much as you have to pay to pay off the loan. You also can't buy it from the bank that is foreclosing because they do not own it - so they can't sell it. The auction, at the end of the foreclosure, transfers ownership to someone who then could sell it - usually the bank that foreclosed. They will take months to get around to sell it so just wait.

tim
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January 20 2013

I'm fairly certain that the simple answer is no.  An auction is set up to allow the bank to get reimbursed for the outstanding loan amount and any expenses they incurred foreclosing on the property including all legal fees.  If by some miracle they get enough to do that and there's still some money left over (highly unlikely) that money is supposed to be given back to the owner.  You may want to go to the HUD, Fannie Mae and Freddie Mac foreclosure sites where you can bid on  homes that were backed by those entities.  Good luck.

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January 20 2013
 
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