My question involves a foreclosure in the State of: Indiana
We are interested in buying a home that is going to sherrif's sale on Oct 15; the property is vacant and we happen to know the owners. They are planning to file bankruptcy.
They owe $425K on a first mortage and 200K on a second.
If we want to buy before sherrif's sale - who do we make an offer to? Can we close? What if we don't offer them enough to pay off both mortgages?
If it goes to sherrif's sale, is it likely that the bank will offer what's owed on it (seems like that's what I've read) - what about other liens then?
Obviously we're newbies at this - any advice is appreciated.