Signing an occupancy contract on a home thats about to go into foreclosure?

I really want this home. The owners are letting it go into foreclosures. They are allowing us to move in and sign an occupancy contract and after a small fee live there for free. We cant buy the home until it goes into foreclosures and comes up for sale but are we going to get kicked out by the lender, bank or trustee before we can buy it or will they work with us to buy it?
I don’t know the owners of the house. We are not friends or relatives.

By | 2013-08-26T17:18:55+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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2 Comments

  1. Landlord August 26, 2013 at 6:09 PM - Reply

    You can’t buy it before it forecloses because you have a relationship with the owner. It might be business, but that is not arms length.

    After it forecloses the bank will vacate you before they sell it. After you move out and it goes for sale you can buy it like anyone else.

  2. Pascal the Gambler August 26, 2013 at 5:57 PM - Reply

    YOu can’t buy it when it does go into foreclosure if you move in. The sale must be arms lenght, meaning the LL can’t know you.

    You are going to get kicked out by the lender and you are never going to own this house if you do this. The LL will get his money, you will get nothing.

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