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If a piece of property is going to the sheriffs sale
Posted on 1/12/21 at 8:41 pm
Posted on 1/12/21 at 8:41 pm
Can you pick it up for the unpaid principal or assume the debtor’s note? Or does the property have to go thru the sale?
Talking about Louisiana here. TIA
Talking about Louisiana here. TIA
Posted on 1/12/21 at 9:02 pm to tigerinthebueche
To get title to the property, it would have to go to sheriff sale. If it's a desirable property, there will be others there ready and willing to bid on it. If it's undesirable, the bank will buy it for the value of the note and then try to sell it quickly. You might be able to buy it from the bank.
Posted on 1/12/21 at 9:05 pm to jfw3535
Ah thanks. Appreciate the info.
Posted on 1/12/21 at 10:07 pm to tigerinthebueche
No. You don't have to assume the debtor's note. After the sheriff's sale you get the property free and clear of all encumbrances. If the mortgage holder wants to protect its interest, they can bid to buy the property for the amount of the mortgage. If someone bids higher, the lien holder gets paid off the top. If you are interested in assuming the note, you would have to make a deal with the debtor and creditor before the sheriff's sale.
Posted on 1/12/21 at 10:23 pm to tigerinthebueche
You can buy before the sale, at the sale, or after the sale.
Posted on 1/12/21 at 11:28 pm to tigerinthebueche
Is this s tax sale or a foreclosure. Different rules apply.
Posted on 1/13/21 at 6:26 am to ItzMe1972
Really? Who do you buy it from before the sale? The owner? It’s still subject to the sheriff sale. The bank? They don’t own it yet. You could buy the debt, but would still need the sheriff sale to get title in your name.
Posted on 1/13/21 at 6:46 am to jfw3535
if it’s a tax sale all you have to do is pay the taxes and fees.
the sheriff doesn’t want the house he wants the tax
the sheriff doesn’t want the house he wants the tax
Posted on 1/13/21 at 7:16 am to cgrand
quote:
if it’s a tax sale all you have to do is pay the taxes and fees. the sheriff doesn’t want the house he wants the tax
It’s unlikely this is a tax sale. It sounds like the borrower didn’t pay the note. The bank wants to get paid or will bid the amount it is owed.
Posted on 1/13/21 at 8:13 am to go ta hell ole miss
The property in question is in foreclosure. Read about it in the local paper (public notices). So I’m not sure if I contact the bank or try to cut a deal with the owner. Or if I should just ignore the owner and try to deal only with the bank?
Posted on 1/13/21 at 8:19 am to tigerinthebueche
The bank has no title, so you have to purchase from the owner. However, you would have to pay off the bank who has already foreclosed, so you would need to work with them too. If the owner is an investor the bank may be working with them already. If it's someone's home, that is going to be a difficult process stopping the sale. Bank will generally only bid up to the note, so it's possible you can get a decent deal via sheriff sale if note is less than property value. At the sale, you have to be able to come up with the $ within a few hours of the auction.
Posted on 1/13/21 at 9:07 am to tigerinthebueche
The owner still owns it and is the only one who could sell it before the sheriff sale. You would have to make a deal with both. The owner would have to agree with the terms and sign over the title to you, and the bank would have to agree to call off the sheriff's sale. If the bank buys it at the sheriff's sale, then you could make your deal only with the bank.
Posted on 1/13/21 at 9:36 am to jfw3535
"Really? Who do you buy it from before the sale? The owner? It’s still subject to the sheriff sale. The bank? They don’t own it yet. You could buy the debt, but would still need the sheriff sale to get title in your name."
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Yes, you buy it from the owner if he's willing. The mortgage company will cancel the sale if paid off.
If at sale, the mortgagee will typically bid the back amount which may or may not include interest plus attorney costs. Sometimes they do not, they bid less so they don't have to deal with the costs to fix up, hold, and pay realtor fees.
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Yes, you buy it from the owner if he's willing. The mortgage company will cancel the sale if paid off.
If at sale, the mortgagee will typically bid the back amount which may or may not include interest plus attorney costs. Sometimes they do not, they bid less so they don't have to deal with the costs to fix up, hold, and pay realtor fees.
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