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jervemn · Nov 14, 2008, 05:12 PM

I am panic strikken! I live in Minnesota and have been renting a home for over two years. The landlord let it go ito foreclosure and I have been trying to find answers on how I can purchase the home for some time now... to no avail. No one has been able to give me any answers on my situation. Meanwhile, I have been approved for a mortgage and would be absolutely more than happy to purchase it. However, it is Friday night and I just came home to a legal letter taped to my door telling me to contact the assigned agent. I did, and he told me that I have to sign a paper agreeing to be out of the home within two weeks. If I don't, they will lock me out of my home and seize my belongings. So, if I do that, they will leave me alone for two weeks and then lock me out of my home. The representative told me that I cannot purchase the home while living in it. I first need to vacate, then they will put it on the market and I will have equal chance of buying it than anyone. Something about an auction.. this does not make sense to me at all and I don't understand why they would not want to sell the home to me--I see it as a win-win situation! Am I crazy? What is the legal process in this situation and is there a way to negotiate an opportunity to purchase the house without first having to move out?

ScottGem · Nov 14, 2008, 05:37 PM

What you should have done is purchase the home from your landlord BEFORE it went to foreclosure. Now it has to go through the auction process. You might be able to go to court to give you more time to find somewhere else to live.

jervemn · Nov 14, 2008, 05:56 PM

OK. I was really trying to do just that. Things didn't quite pan out and my mortgage guy said that I could buy it from the bank. Now it doesn't seem like that is so. I REALLY want to BUY this house--I am already approved to do so and it is my HOME! Is there a way for me to do this now?

jervemn · Nov 14, 2008, 05:59 PM

Also, if I have to leave, and it goes through whatever process it goes through... how long will I have to wait to have the opportunity to purchase the home? What is the process.. does anyone know?

ScottGem · Nov 14, 2008, 06:35 PM

You can try badgering the people at the bank. Go up the ladder to see if you can get someone to override the process.

But the process at this point appears to be that you have to vacate and the bank will schedule the auction. You can then bid at the auction to buy the property.

jervemn · Nov 14, 2008, 08:31 PM

Do you know how long this process takes? How long until the auction? And after the auction/purchase, how soon can the purchaser move in?

Fr_Chuck · Nov 14, 2008, 08:40 PM

Ok first who told you that you had to be out or they would lock you out, the court? If that notice was not from the court they are lying, ask them to give you that in writing, or tell them they are being recorded and I bet they will change that story.

Once they own the house they can give you a notice to move, if you don't they will have to take you to court to evict you. They can not legally just lock you out.

Next before when the person owned it and was just "IN" foreclosure you could have made him a valid offer in writing, normally though a real estate agent, to purchase the home, either for the mortgage amount or for less. And give the bank a chance to accept it.

If the owner still owns it, then that is still possible, but once the bank owns it you have to deal direclty wth the loss prevention department of the bank.

Not every state has a auction, some are done just by paper work and they sell it though real estate people. You can contact the local court on their time frame and to see if a sell is scheduled.