Purchasing house that is soon to be repossessed??greenspun.com : LUSENET : Repossession : One Thread
I currently rent a property and the landlord has told me that it is being repossessed and he has a court date set in about 3 weeks time. I have discussed the possiblilty of purchasing the property myself but am wondering if this is possible.
Will the repossesser let my landlord sell his house to me or will he have to go to repossession.
-- Andy Pitt (email@example.com), June 23, 1999
Hi Andy, despite not being knowledgeable regarding the law I can, however, give you some details regarding my personal experience. As an owner of a property which was repossessed in Jan 1997 I am still being allowed to negotiate the sale of my flat. At the time of the impending court case I was in the same position as yourself ie thinking that if the court order goes in favour of the repossessor then you have to call it a day. If I had known then that 18 months later they had still not executed that court order then I would have been in a much better situation financially (I could have rented it out). So, tell you landlord that winning the court order and actually going ahead with repossession seem to be two different things entirely.It is up to the landlord to find out if he can negotiate. Tell him to do so! This is a very important point that I wanted to stress to you.
-- (firstname.lastname@example.org), June 23, 1999.
The lender may or may not let him sell to you, but the judge may have a different view.
To help yourself the landlord needs to be able to tell the repossession hearing that he has a firm offer from someone else to be able to prove it.
If the offer is lower than the value of the landlord's debt, the lender may resist before or even in court but this is no longer necessarily a reason why a sale should not go gthrough.
-- Lee (email@example.com), June 25, 1999.
andy, is that you ?
are you still on this email ?,send me a line firstname.lastname@example.org
-- philip moreton (email@example.com), January 19, 2001.