Which is the best way to purchase a property going into foreclosure, short sale, or auction?

If you buy it through a short sale, you won't have to move, so that's a plus.

You would need to get the property under contract, then get the permission of the borrower to contact the lender and discuss it.

Another option would be to find out how much money it would take to bring the loan current. You could then have the owner deed the house to you and then pay this amount to stop the foreclosure. Then you'd make the payments going forward.

This is a little risk in that transferring the house to you triggers the "due on sale" clause in most mortgages, but it's unlikely that the lender will foreclose if payments are being made on time.

Eventually you'd refinance the house and get a loan in your name. The beauty is that it would be a refinance, not a purchase, since you already would own the house.

This is not for rookies. Get an experienced real estate investor or lawyer to help you.

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